The cryptocurrency market is currently experiencing uncertainty and low trading volume due to Bitcoin‘s (BTC) sideways movement. While the BTC price remains trapped in the range of $29,000 to $30,000, it may be difficult for some altcoins to gain momentum. However, an altcoin expert has issued a warning, specifically highlighting 4 altcoins that investors should be cautious of.
Altcoin Sherpa Analyzes Altcoins
Altcoin Sherpa, who has nearly 200,000 followers, provided clear explanations to his audience. Sherpa emphasized the cryptocurrencies launched through Binance Launchpad, noting their reactions from the .786 Fibonacci retracement level.
The analyst’s list includes SUI, HOOK, EDU, and ARKHM. Among these, ARKHM, which offers airdrops, is the most recent addition to Binance’s listings through Launchpad. Sherpa further clarified his statement with a new tweet, explaining what he meant.
Success Stories of These Altcoins!
According to the analyst, the .786 Fibonacci retracement level was a significant reaction point for both HOOK and SUI. The analyst emphasized that there are many other coins that have experienced similar reactions from the .786 level, indicating that a rise may follow.
The analyst acknowledged that predicting these low-liquidity cryptocurrencies is challenging. However, the analyst highlighted that market makers will eventually focus on these coins. Currently, ID is in a favorable position but has not yet shown a reaction. The analyst expects the first reaction to come from ID. In that case, followers should pay attention to EDU, ARKHAM, and SUI.
One critical warning from the analyst is that BTC will be the most important factor for these altcoins. Altcoin Sherpa emphasized the need for BTC to stabilize above $31,000.
Currently, the BTC price has fallen below $30,000 and is trading at $29,720. The 4% decrease in BTC price over the past 7 days has contributed to breaking the $30,000 support level. Whether this is a permanent decline will be determined by the daily closing in the coming hours.
