Analyst Maps Next Levels For Bitcoin (BTC), Solana (SOL) , Optimism(OP) & Synthetix (SNX)
The broader crypto market is performing much better than it was in the last few months. Yet, a closely followed crypto strategist and analyst have a bearish approach towards the whole crypto market.
The analyst who is anonymously known as Altcoin Sherpa informs his 180,700 Twitter fanbase that for Bitcoin $22,000 price range is a must and should hold level.
This is because he feels that although the flagship currency is technically higher, it’s not a convincing price level for him.
$BTC: here is the breakdown, I've been looking at this 22k level for a bit now, I think it's a must hold level personally. The last high, although technically higher, is not convincing and I think there's a real chance that this low gets broken at 22k. #Bitcoin — Altcoin Sherpa (@AltcoinSherpa) August 2, 2022
At the time of reporting, Bitcoin is trading at $22,871 after a fall of 2.27% over the last 24hrs.
Next, the strategist talks about Solana (SOL). Altcoin Sherpa also expresses his bearish stance towards the Ethereum competitor.
As Solana didn’t see any higher high, the analyst expects a consolidation pattern for SOL Price
$SOL: Market structure looks bearish still, didn't see a clear higher high on this last move. Best we get is some sort of ranging consolidation pattern IMO, seems unclear to me. #Solana — Altcoin Sherpa (@AltcoinSherpa) August 2, 2022
Currently, Solana is valued at $38.92 with a pull of 1.09%
The next currency that has gained the analyst’s attention is a rare token OP. Altcoin Sherpa hopes that Optimism’s native currency, OP will form a lower base due to its inefficiencies. Optimism is yet again connected with Ethereum as it’s a layer-2 scaling solution.
$OP: Still probably going lower eventually…lots of inefficiencies to fill. — Altcoin Sherpa (@AltcoinSherpa) August 2, 2022
Optimism has been on a bull run by 17.70% trading at $1.99 at the time of writing.
Following this, the expert makes an analysis of LOOKS and expects the currency to chop off. LOOKS is a utility token based on Ethereum non-fungible token (NFT) marketplace known as LooksRare.
$LOOKS: Expecting more overall chop on this one for now personally. Lots of weird interactions with the 200 EMA on the 4h. — Altcoin Sherpa (@AltcoinSherpa) August 2, 2022
Currently, LOOKS is trading at $0.3576
On the contrary, Altcoin Sherpa suggests a bullish prediction for SNX. Synthetix’s native currency, SNX is an agreement through which synthetic tradable assets are issued on Ethereum. Such an example includes commodities or indices.
The analyst also says that SNX price action will depend on that of Bitcoin.
$SNX: Waited patiently for this level and I think that it's going to go up, that said it's always going to depend on $BTC. Still think this looks pretty good. — Altcoin Sherpa (@AltcoinSherpa) August 2, 2022
At the time of publication, SNX is changing hands at $3.72Source