A veteran trader known for his well-timed cryptocurrency calls said he is now bullish on one competitor to Solana (SOL) that is showing significant strength.
Pseudonymous trader The Flow Horse said on his Telegram channel that he is “fundamentally bullish” on the underlying asset of layer-1 blockchain Sei (SEI) after clearing months of resistance at the $0.40 level.
“Since it is the weekend, posting volumes will be lower, as will trading volumes. But take a look at SEI. I probably simply have a default bullish bias on things like this.
The summer range is broken so I’m re-testing it and will add to it until proven otherwise. Nullification is imminent and this is an important inflection point,” he said.
Following the trader’s post, SEI hit above $0.50 before correcting. As of this writing, SEI is valued at $0.469, up more than 4% over the past day.
The altcoin market has performed well over the past seven days with most crypto assets rising, but The Flow Horse warns that not all will continue to print green candles.
Certain altcoins, such as Dogecoin (DOGE) rival Shiba Inu (SHIB), present fantastic opportunities for short sellers looking to capitalize on excessive upside, according to traders. He shares a SHIB chart overlaid with open interest data. Open interest data is often used as an indicator of when there is a market bubble.
“Beware, there are no more good short-term opportunities. Is SHIB a good short here? Maybe it depends on whether we’re closer to a simple fix. Losing a level with a large OI boost increases the chance of bleeding.”
As of this writing, SHIB is trading at $0.000019, down more than 5% on the day.
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