The cryptocurrency market failed in its recovery attempt and started to lose altitude. Bitcoin, the leading crypto, slipped from over $70,000 to below $67,000. Ethereum, the leading altcoin, also fell sharply as spot ETF excitement waned. This, in turn, demoralized market players. However, one analyst with a large following shared five altcoin projects that he believes have shown strength despite the volatile market conditions.
Altcoin Sherpa: These 5 altcoins are showing strength in a volatile market!
As you have been following on Kriptokoin.com, the market plunged into the red zone with a sudden breakout. Market players are waiting for the US CPI data and the Fed rate decision. Therefore, they prefer to stay on the sidelines for now. Despite this, a popular analyst nicknamed Altcoin Sherpa is hopeful about some tokens. The analyst says that layer-1 protocol Injective (INJ), cross-chain protocol Wormhole (W), data democratization project JasmyCoin (JASMY), Bitcoin (BTC) layer-2 scaling solution Stacks (STX) and layer-1 blockchain Toncoin (TON) are generally bullish in a range-bound market.
Analyst: Wormhole is one of my top picks!
According to the analyst, eyes are on them for active trades. In this regard, Altcoin Sherpa says that a lot of things have a bad outlook at the moment. According to the analyst, Wormhole is one of his top picks. However, he warns that it is still possible for W to pull back and stagnate. The analyst gives the following explanation for W:
Wormhole is one of the strongest coins on the market right now, so if you’re actively trading it, keep an eye on it. If you see it pulling back strongly, it will still be trading in the same range and won’t be ready for the big move we all want.
W, meanwhile, was trading at $0.5431 at the time of writing. The token has dropped more than 13% in the last 24 hours. W also lost more than 15% on the weekly chart. Therefore, the retracement expected by the analyst has been realized in a way.
“JASMY looks extremely strong!”
Altcoin Sherpa also looks at the technical picture of JASMY. The analyst says the token looks “extremely strong” and will likely rise to the resistance level before correcting. Accordingly, the analyst shares the following assessment:
JASMY is extremely strong. I have no idea what this thing is doing but it hasn’t even moved today, honestly it looks like it could go up to $0.067 before a significant pullback.
Meanwhile, JASMY witnessed a daily increase of 5.25% during the analyst’s estimates However, it later lost altitude. At the time of writing, JASMY was down 7.7% on a daily basis to $0.03556.
The views and predictions in the article are those of the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
