Pseudonymous crypto trader Altcoin Sherpa is outlining his outlook on several altcoins amid this week’s market volatility.
The analyst tells his 176,300 Twitter followers the native token for smart contract platform Avalanche (AXAX) could see a good short-term trading opportunity soon, though he doesn’t think the asset has hit its “macro bottom” quite yet.
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$AVAX: Could see a move up to the mid/high 30s if this current level continues to hold. IMO not the macro bottom quite yet but could be a good short term trading opportunity soon. #AVAX pic.twitter.com/95LLr18htI
— Altcoin Sherpa (@AltcoinSherpa) May 31, 2022
Avalanche is trading at $23.55 at time of writing, down more than 13% in the past 24 hours.
Altcoin Sherpa says he plans to wait on investing in the native asset for Tron (TRX), a decentralized storage and distribution platform for social media and digital entertainment content.
“Held up way better than most other shitcoins. There are a few ways to play it, but I’d wait for the break/retest before entering personally.”
Tron is trading at $0.08 at time of writing, down more than 1.7% in the past 24 hours.
Altcoin Sherpa predicts that Ethereum (ETH) will continue to move sideways and lower in price relative to Bitcoin (BTC) until the fall. He thinks ETH will then move higher against BTC due to narratives around its merge to a new proof-of-stake system.
Ethereum 2.0 looks to solve the network’s scalability issues by shifting over from a proof-of-work (PoW) consensus mechanism, which Ethereum currently employs, to a proof-of-stake (PoS) consensus mechanism. The upgrade is currently expected for August.
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/MoVille/Dario Lo Presti/thvideostudio
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