Altcoin Sherpa, a famous cryptocurrency analyst, warned investors of Axie Infinity (AXS), Aptos (APT) and Bitcoin (BTC) in his new comments. In addition, the analyst stated that some altcoins are on the decline and shared his technical analysis. Here are the details…
Altcoin Sherpa warns of Axie Infinity and Aptos
In a post on Twitter, the analyst targeted Axie Infinity (AXS). According to the analyst, AXS’s value is at risk of falling sharply due to the unlocking process, where investors can sell cryptocurrencies. In fact, the analyst warns that the altcoin’s price could drop by more than 65 percent. According to the TokenUnlocks application, approximately 8 percent of the total token supply will be unlocked within three days. This equates to 21.5 million AXS. “If you are in this business, be careful,” the analyst said.
Apart from that, the analyst has correlated the price of Bitcoin with the new layer-1 crypto project Aptos (APT). Koindeks.com As we have also reported, Aptos has been the most talked about cryptocurrency project this week. According to the analyst, Aptos may see a regression if Bitcoin drops. He states that the cryptocurrency, which is currently at $ 7.40, may decline to $ 6.80 in case of a decrease in BTC.
He said that at the moment the coin exhibits a lot of volume and volatility. Therefore, he thinks it will start a pullback as soon as it reaches $7.60. However, he says that with Bitcoin being stable, this coin will exhibit drastic movements.
Analyst focused on these levels in Bitcoin
Altcoin Sherpa then says that price resistance may not continue. It focuses on the recent price action of Bitcoin (BTC), which fell below the $19,000 price level. “Why are many 2018 people afraid of this price action?” the analyst asks, noting that this reminds the crypto community of $6,000 baselines. Shifting the focus to Bitcoin, Altcoin Sherpa claims that Bitcoin will drop after seeing processes around $19,000 for about four months.
He says there are three low price levels that he thinks Bitcoin could retest based on past patterns. According to the analyst, investors should focus on areas of 16,000, 14,000 and 12,000 dollars on BTC. While he is not sure if BTC will drop to these levels, he says, “it is useful to be prepared for these levels in case there is a drop”.
Expected decline for NEAR, FTM and INJ
The analyst points to a collapse in the smart contract-focused Blockchain Phantom (FTM). Saying that FTM “looks terrible”, the analyst states that he does not see any signs of bottom at the moment. Subsequently, Altcoin Sherpa states that Injective Protocol (INJ) also experienced a decline. He says he largely disposed of his investment because of a valuable selling trend. He stated that it is out of the $2.20 position. Finally, the analyst states that the price resistance for Near Protocol (NEAR) is weak. He believes it will go to the lower part of $2.