A closely followed crypto strategist is predicting deep pullbacks for Waves (WAVES), ApeCoin (APE) and one other altcoin as the digital asset market takes a breather.
Pseudonymous strategist Altcoin Sherpa tells his 171,500 Twitter followers that he sees custom token and decentralized application creation platform Waves correcting all the way down to $20.
Track live crypto price of 10000+ coins!
“WAVES: Say goodnight.”
With Waves currently exchanging hands for $29.41, Altcoin Sherpa’s target represents a 32% potential downside.
Next up is APE, an altcoin created for the Bored Ape Yacht Club non-fungible token (NFT) community. According to Altcoin Sherpa, APE could retrace back to $9.50, which is about 17.5% below its current price.
“APE: Long out of my position; would be willing to buy this one much lower. $8.00 or so. There should be a bounce at $9.50ish though, likely a good scalp entry.”
ApeCoin is trading for $11.53 at time of writing,
The trader is also keeping a close eye on Zilliqa (ZIL), a smart contract-enabled blockchain for enterprise solutions. He says that ZIL could further correct to $0.11 after posting a massive 375% rally that saw it spike from $0.05 to $0.218 in just a few days.
“Better to short these types of coins than BTC if you think BTC is bearish. [The] reason is that these had their blowoff tops already and will likely go down if BTC pumps and dump even harder if BTC dumps. Target =$0.11.”
At time of writing, ZIL is valued at $0.127. A correction to Altcoin Sherpa’s target marks a downside risk of nearly 15%.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Nathapol Kongseang/Natalia Siiatovskaia
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: