Top Crypto Trader Warns One Ethereum-Based Gaming Altcoin Could Crash Over 65%
A top crypto trader is warning Ethereum (ETH)-based gaming altcoin Axie Infinity (AXS) holders of a possible crash.
Pseudonymous analyst Altcoin Sherpa warns his 184,700 Twitter followers that the non-fungible token (NFT) gaming platform altcoin could drop more than 65% in price due to unlocks when investors can sell a digital asset after a vesting period has expired.
According to the TokenUnlocks app, nearly 8% of the total token supply, or 21.5 million AXS, is set to unlock in three days.
“$3 Axie seems likely given all the unlocks. If you’re into this, be careful.”
At the time of writing, AXS is trading hands at $9.15.
Altcoin Sherpa next swings his sights on Bitcoin’s (BTC) recent price action falling below the $19,000 price level, saying price resistance may not hold up.
“Why are many people in 2018 afraid of this price action? Because it reminds us of the $6,000 floor. Bounces are getting weaker and weaker, like dropping a rubber ball on the ground. The first test is the best test, and then the responses get weaker and weaker .”
At the time of writing, Bitcoin is changing hands at $19,157.
He too correlates Bitcoin’s price with new tier-1 crypto altcoin project Aptos (APT), pointing out how technical analysis is not useful with new coins.
“Current trading area; lows around $6.80 are next if Bitcoin continues to dump…
[Technical analysis] not really valuable here on a newly listed coin, but it still has a lot of volume and volatility. Probably going to pull back around $7.60 in my opinion. Still think this one moves hard if Bitcoin is stable.”
At the time of writing, APT is changing hands at $7.46.
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Featured image: Shutterstock/issaro prakalung/Salamahin
