Cryptoanalyst predicts massive downside for Ethereum rival Polkadot, updates forecasts for Cosmos and LooksRare
A widely followed crypto strategist says that the Ethereum (ETH) challenger Polkadot (DOT) can witness a massive 56% haircut from the current price level before finding some stability.
Pseudonymous analyst Altcoin Sherpa tells his 179,900 Twitter followers that interoperable blockchain Polkadot can find support at significantly lower price levels.
“POINT: $ 3- $ 5 probably a good place to start collecting this thing. High volume node around there. This chain was a pretty big failure so far in my opinion.”
At the time of writing, DOT is changing hands for $ 6.85.
The strategist also keeps an eye on altcoins’ Cosmos (ATOM) and LooksRare (LOOKS). Altcoin Sherpa says that ATOM and LOOKS are still in a sharp downward trend, but there is a chance that they can print a short-term reversal pattern.
“I do not see any reversal pattern yet. You may see Adam and Eve double bottom, but the trend is still undeniably bearish. Doubtless these are playing out, but this is what you will see after reversal in the short / medium term.”
LOOKS, the utility symbol for the Ethereum-based NFT marketplace LooksRare, is trading at $ 0.27 at the time of writing, down almost 4% on the day.
Cosmos, an ecosystem of blockchains designed for both scalability and interoperability, is currently valued at $ 8.00.
When we look at leading digital assets Bitcoin, Altcoin Sherpa says that he sees that BTC resides in the bear’s territory for a longer period.
“It will take months to pick around and gather when the bottom is found. And the bottom may not even come until a few months from today. Hunter after a long bear market “
At the time of writing, BTC is valued at $ 19,183.
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Featured image: Shutterstock / Tithi Luadthong / Natalia Siiatovskaia
