- Cryptocurrency analyst Altcoin Sherpa warns of a potential bearish December for Solana, Chainlink, Avalanche, and THORChain (RUNE), anticipating a slow grind down before a possible resurgence in early 2024.
- Sherpa’s technical analysis points to key levels, such as the 0.382 Fibonacci and 200 exponential moving average, as indicators for potential corrections, suggesting an opportunity for these altcoins to consolidate and form a strong base before a potential January rally.
In the fast-paced world of cryptocurrency, predictions and analyses can sway the market sentiment within moments. Altcoin Sherpa, a well-known pseudonymous analyst with a substantial following on X, has recently shared his insights that point towards a potentially bearish December for some major altcoins.
Solana (SOL), Chainlink (LINK), Avalanche (AVAX), and the decentralized exchange protocol THORChain (RUNE) are in the spotlight, with Altcoin Sherpa warning of a slow grind down before a potential resurgence in early 2024.
Subheading: “Building a Base: Altcoin Sherpa’s Technical Analysis”
According to Altcoin Sherpa, these altcoins are approaching critical levels on the charts. The analyst emphasizes the importance of the 0.382 Fibonacci levels and the 200 exponential moving average (four-hour chart) as key indicators for potential corrections.
Altcoin Sherpa suggests that these retracements might offer an opportunity for the cryptocurrencies to consolidate and establish a strong base, setting the stage for a more robust performance in January.
Many 0.382 Fibonacci levels + 200 exponential moving average (four-hour chart) are coming up on some of the best coins: LINK, SOL, AVAX. These areas + the 0.50 Fibonacci level are the regions I’m eyeing. Expecting more of a grind down before any strong continuation. Would like to see grind down + consolidation to form a base + strong move in January for many of these,
Altcoin Sherpa
Altcoin Sherpa expressed to his nearly 200,000 followers.
Starting with Solana, Altcoin Sherpa suggests a potential drop to $48.72, whereas Avalanche might correct down to $18.54. Chainlink, the decentralized oracle network, is predicted to retrace toward the $12.44 level. At the time of writing, SOL, AVAX, and LINK are trading at $58.13, $20.94, and $14.61, respectively.
Altcoin Sherpa’s watchful eye extends to THORChain (RUNE), indicating a similar setup to the aforementioned altcoins. The trader highlights the desire to witness a 0.382 Fibonacci level tap combined with the 200 exponential moving average on the four-hour chart.
In the volatile realm of cryptocurrencies, market participants are well-advised to stay informed and exercise caution. Altcoin Sherpa’s predictions serve as a reminder that even high-performing altcoins may experience periods of correction before potential future rallies.
As we navigate the complexities of the crypto market, the coming weeks will reveal whether Altcoin Sherpa’s insights hold true and how these altcoins will weather the storm.
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