Leading cryptocurrency analyst Altcoin Sherpa warned that three altcoins on his watchlist, Sui (SUI), Near (NEAR), and Artificial Superintelligence Alliance (FET), are in a clear downtrend. Although the analyst believes these altcoins are in a bear market, he remains positive in the long term.
Warnings for SUI, NEAR, and FET
Anonymous cryptocurrency analyst Altcoin Sherpa claimed on social media platform X that SUI, NEAR, and FET are trading in a bear market. The analyst stated that these altcoins are in a challenging market condition and, along with Bitcoin’s (BTC) unstable situation and developments like the unlocking of SUI’s supply, they are in a disastrous state.
Altcoin Sherpa emphasized that these altcoins have a clear bear market structure and have been continuing in this manner for a while. He warned investors to be cautious.
The analyst pointed out that SUI has seen a sharp decline from its all-time high of $2.17 and is currently trading at $0.575. For FET, the chart shared by the analyst shows a continuous formation of lower highs and lower lows. FET’s current trading price is $0.921.
For NEAR, the analyst noted that the weekly chart shows two consecutive lower highs. The current price of the altcoin is $4.16. Although Altcoin Sherpa believes these three altcoins are in a bear market, he remains optimistic about Bitcoin (BTC) and Ethereum (ETH) in the long term.
Emphasis on the Fourth Quarter
Altcoin Sherpa noted that historically, the fourth quarters of each year have been positive for the cryptocurrency market. The analyst expressed his expectation that BTC will set new records this year and predicted that many altcoins will rise significantly from their current values.
Emphasizing the importance of seasonality, the analyst highlighted that the fourth and first quarters are excellent times for the cryptocurrency market. He also pointed out the high likelihood of ETH setting new records due to the spot ETF (exchange-traded fund).
