A highly regarded crypto strategist is cautioning investors about the outlook for a particular altcoin that currently has a market cap of $1.934 billion. Altcoin Sherpa, a pseudonymous trader, has shared his analysis with his 196,800 followers on the social media platform X regarding the native asset of the interoperable blockchain ecosystem Cosmos (ATOM). According to Altcoin Sherpa, ATOM appears to be headed for further downward price action.
Since reaching its 2023 high of $15.45, ATOM has experienced a decline of approximately 60%. Altcoin Sherpa believes that the price will continue dropping until it reaches $5.50, at which point a relief rally may occur. Despite this potential bounce area, Altcoin Sherpa does not see any compelling reason to buy ATOM at the moment.
At the time of writing, the price of ATOM is $6.61.
In addition to ATOM, Altcoin Sherpa is closely monitoring the price action of Solana (SOL), a prominent rival of Ethereum (ETH). Altcoin Sherpa believes that SOL is currently stuck in a wide trading range between $16 and $27. Based on the analyst’s assessment of the higher time frame charts, there doesn’t appear to be any significant changes. Altcoin Sherpa suggests that investors who are interested in SOL should consider buying and holding the asset for a longer period.
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The current value of SOL stands at $22.10.
Another altcoin that has caught the attention of Altcoin Sherpa is the native asset of the decentralized pool trading platform Woo Network (WOO). Altcoin Sherpa highlights recent positive developments for WOO, including the burning of the Three Arrows Capital (3AC) tokens, which has reduced the supply. However, Altcoin Sherpa still does not view WOO as a buy at the present time. Nevertheless, the analyst considers WOO to be a potentially decent long-term investment and has a personal stake in the asset.
WOO is currently trading at $0.178.
It is important to note that the opinions expressed by Altcoin Sherpa and other market analysts at The Daily Hodl are not intended as investment advice. Investors should conduct their own thorough research and due diligence before making any high-risk investments in cryptocurrencies, including Bitcoin and other digital assets. The responsibility for any potential losses incurred rests with the individual investor.
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