Crypto Trader Updates Outlook on Fantom and Two Altcoins, Warns of Potential Bitcoin Crash
A popular crypto strategist is bearish on Fantom (FTM) and two other altcoins while warning of a potential Bitcoin (BTC) crash.
Pseudonymous analyst Altcoin Sherpa says his 184,900 Twitter followers that smart contract enabled blockchain Fantom is collapsing.
“This one looks terrible…I don’t see any signs of bottoming at the moment.”
Altcoin Sherpa is also bearish on Injective Protocol (INJ), a decentralized derivatives exchange. He says he largely withdraws the investment due to a significant sales trend.
“I’m mostly out of my position around $2.02ish, I didn’t sell the top. I wouldn’t be surprised if green box comes, looks like sustained selling now. It was a good trade with most entries in the $1.80- the area.”
The other altcoin on his radar is the decentralized application platform (DApp) Near Protocol (NEAR). He says the current price resistance is weak and may trickle lower.
“Haven’t checked this one in a while, this current range looks very shaky. Price needs to hold here or it will get to mid/low $2 in my opinion.”
Shifting focus to Bitcoin, Altcoin Sherpa tracks Bitcoin will decline after trading around the $19,000 level since June, saying there are three lower price levels he believes Bitcoin could retest based on past patterns.
“Here are some high timeframe levels in both directions. I think you should focus on the $16,000, $14,000 and $12,000 areas. I don’t know if this is going to hit the lows, but I think you should be prepared if they do.”
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Featured image: Shutterstock/houchi
