The cryptocurrency market has been on a rollercoaster ride this week. Bitcoin and altcoins, which fell sharply during the week, largely recovered their losses over the weekend. Bitcoin, the leading crypto, jumped to $64,000 after falling as low as $56,000. Some altcoins, such as Dogecoin, doubled their gains. In this atmosphere, an analyst with a large following updates his opinion on a red-hot altcoin. The analyst also shares his expectations for a competitor of the leading altcoin Ethereum.
Altcoin Sherpa continues its long-term bullish stance on ONDO!
As you’ve been following on Kriptokoin.com, the action in the crypto market continues to be dizzying. Just when you think the market has crashed, it suddenly takes flight. This makes investors and traders cautious. An analyst nicknamed Altcoin Sherpa shared his latest predictions with his followers to give them an idea. The analyst says he is long-term bullish on Ondo Finance (ONDO). Ondo Finance is a project focused on tokenizing real-world assets (RWAs). The analyst explains his views for ONDO as follows:
ONDO: It is still one of the best performing altcoins. Also, it has survived successfully. Moreover, it’s now the leader in the RWA space. I think that looks strong. It’s not a very active trade though. It’s better to just buy and hold for now.
Meanwhile, ONDO is trading at $0.8236 at the time of writing, up more than 920% from this year’s low of $0.082 on January 18. The token was flat on its daily chart and up 7.6% on its weekly chart.
“SUI will nuke Hades when this happens!”
The analyst then looks at layer-1 smart contract platform Sui (SUI). Altcoin Sherpa predicts that SUI will be bearish due to a token un-lock. The next un-lock for SUI will take place at the end of May. The crypto project plans to distribute 999.23 million tokens among five stakeholders at this event. Token unlock is often perceived as bearish given the new saleable supply. In this context, Altcoin Sherpa shares the following assessment:
It doesn’t matter how good/strong a coin is in terms of technology. SUI will nuke Hades when investors start buying their tokens. This thing will still have exit pumps. So you can probably buy a green box, wait for it to mini pump and then short it.
Meanwhile, SUI was trading at $1.10 at the time of writing, down more than 2.7% in the last 24 hours. Despite the positive sentiment, the token remains in the red zone. SUI also saw a 9.1% loss on the weekly chart.
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