One cryptocurrency strategist believes that four altcoins, including Solana (SOL), Chainlink (LINK), and Avalanche (AVAX), are set to weaken.
pseudonymous analyst Altcoin Sherpa told his 198,900 followers on social media platform
According to the merchant he Expect The three coins could each fall to the 0.382 Fibonacci level, forming a strong base to set the stage for a rally in early 2024.
“Many 0.382 Fibonacci levels + 200 exponential moving averages (4-hour charts) are appearing for some of the best coins: LINK, SOL, AVAX.
This area + 0.50 Fibonacci level is the area I am paying attention to.
Expect more grinding before there is a strong sustain. For many of these, I would like to see a crushing + consolidation + strong movement to form a base in January.”
Starting with smart contract platform Solana, traders think SOL could fall to $48.72.
As of this writing, SOL is trading at $58.13.
Looking at Avalanche, another smart contract protocol, traders believe the price may adjust to $18.54.
As of this writing, AVAX is worth $20.94.
For decentralized oracle network Chainlink, Altcoin Sherpa predicts a retracement to the $12.44 level.
As of this writing, LINK is trading at $14.61.
Altcoin Sherpa is also closely watching the decentralized exchange protocol THORChain (RUNE). Traders believe that RUNE is also in the same boat as SOL, AVAX and LINK.
“RUNE: Same setup as the others…I want to see a +200 exponential moving average tab of 0.382 (Fibonacci level) on the 4-hour chart.”
Looking at the trader chart, it appears that RUNE is predicted to fall to $4.48. As of this writing, RUNE is worth $6.07.
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