An altcoin running on the Ethereum (ETH) blockchain is expected to experience a significant decline in value, according to a prominent analyst. Altcoin Sherpa, a pseudonymous analyst with a large following on social media, predicts that the native asset of the decentralized oracle Tellor Tributes (TRB) has reached its peak and is likely to decline in the coming months.
TRB experienced a remarkable rally from a low of $9.11 in mid-August to a high of $79 last week. However, Altcoin Sherpa believes that the bullish momentum has been exhausted and anticipates a decline to around $32. At the time of writing, TRB is trading at $59.68.
Altcoin Sherpa’s analysis is supported by a chart that indicates a downward trend for TRB’s price. While the specific timing and extent of the decline cannot be determined with certainty, the analyst’s prediction suggests that TRB’s recent surge is unsustainable.
In addition to TRB, Altcoin Sherpa is closely monitoring the price action of Avalanche (AVAX), a competitor to Ethereum. The analyst suggests that AVAX may experience a rally due to the reactivation of the Avalanche-based social finance (SocialFi) protocol Stars Arena. The protocol recently suffered a significant security breach but has since resumed its operations. This development, combined with a support level in the chart analysis, leads Altcoin Sherpa to believe that AVAX is bullish in the short term.
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The chart analysis suggests that AVAX could potentially rally towards the $10.60 level. Currently, AVAX is trading at $9.39, providing an opportunity for potential gains.
It’s important to note that cryptocurrency markets are highly volatile, and predictions based on technical analysis should be taken with caution. While Altcoin Sherpa has a significant following and has provided accurate predictions in the past, there is always a degree of uncertainty in the cryptocurrency market.
Investors and traders should conduct their own research and analysis before making any investment decisions. It’s essential to consider factors such as market trends, project fundamentals, and risk tolerance.
As with any investment in the cryptocurrency space, it is important to be aware of the potential risks involved. Prices can be highly volatile, and losses are possible. It is advisable to only invest what you can afford to lose and consider consulting a financial advisor before making any high-risk investments.
In conclusion, according to an analyst, the altcoin TRB is expected to lose a significant portion of its recent gains, while AVAX may experience a short-term rally. However, it’s crucial to conduct thorough research and consider multiple factors before making any investment decisions in the cryptocurrency market. The market is highly volatile, and predictions should be taken as speculative rather than definitive indicators of future performance.
