Altcoin Sherpa Looks Into ETH, DOT, LUNA To See What’s Next For Them
A prominent crypto analyst and trader, known as Altcoin Sherpa, looks into Ethereum (ETH), Polkadot (DOT) and Terra (LUNA) to scope where the assets are moving, as the crypto market shows signs of trend reversal.
Ethereum (ETH)
The analyst shared with his 167.8K Twitter followers that despite Ethereum looking strong on lower timeframes, there might be a correction looming as ETH is moving to trade in the resistance area.
“This isn’t generally how bottoms are formed; I think a return to the lows is likely (eventually). With that said, price has still maintained a bullish market structure on the 4h with [higher highs and higher lows]. Approaching a scary area in the $3,000s. Be careful.”
$ETH: This isn't generally how bottoms are formed; I think a return to the lows is likely (eventually). With that said, price has still maintained a bullish market structure on the 4h w. HHs/HLs. Approaching a scary area in the 3000s, be careful. #Ethereum$ETHUSDpic.twitter.com/9KoAwUnsM2
At the time of writing, ETH has moved past $3,000 mark and is trading at $3,144.
Polkadot (DOT)
The analyst next looks into the native token of Polkadot, an open-source sharded multichain protocol that connects and secures a network of specialized blockchains.
Altcoin Sherpa believes that DOT looks ready rise from its current price of $22.6 to his target at $28.
“I think that a short-term bottom may be forming; to be determined if this is the long-term bottom. Price will need to consolidate here for a while before I think that happens. Possible lower high to mid $20s near the 200-day exponential moving average and then lower.”
$DOT: I think that a short term bottom may be forming; to be determined if this is the longer term bottom. Price will need to consolidate here for a while before I think that happens. Possible lower high to mid $20s near the 200D EMA and then lower. #DOTpic.twitter.com/qpGQOFCCAT
The analyst also covers the decentralized finance (DeFi) payment network Terra and its native token LUNA, which could bottoming between $45 and $53 as it trades in a high-volume node (HVN) region.
“I still think the bottom is in for the short term. Lots of volume and a HVN on volume profile is around this area. Expecting this to chop and then go up.”
$LUNA: I still think the bottom is in for the short term. Lots of volume and a HVN on volume profile is around this area. Expecting this to chop and then go up. #LUNApic.twitter.com/Yg05bi3dUr
