Altcoin Sherpa Issues Warning On APE & FTM, While Bullish On SAND & NEAR
A prominent crypto analyst, Altcoin Sherpa, urges caution on trading ApeCoin (APE) and Fantom (FTM), while Sandbox (SAND) and Near Protocol (NEAR) are looking more bullish.
ApeCoin (APE)
Altcoin Sherpa shared with his 170.6K followers on Twitter that he doesn’t see the risk/reward ratio (R:R) for ApeCoin (APE) very favorable. However, he would be interested to take a position, should APE make a price dip.
“Bullish market structure on lower time frames still intact; I personally would be careful with this one as I don’t think the R:R is that great for a trade.Investment-wise, it’s also v. (very) high valuation IMO (in my opinion). That said, I would consider buying a dip.”
$APE: Bullish market structure on lower time frames still intact; I personally would be careful with this one as I dont think the R:R is that great for a trade. Investment wise, it's also v. high valuation IMO. That said, I would consider buying a dip. #APEpic.twitter.com/FpCdwyswrZ
ApeCoin was launched on March 17th with a starting price of $7.40. It quickly soared to $17.17 the following day before correcting. At the time of writing, APE is trading at $13.50, up 4.8% on the daily frame.
Fantom (FTM)
Another coin that the analyst is not too bullish on is Fantom (FTM). He earlier tweeted warning to traders to reduce their risk, as he doesn’t see a “full-on” altseason on the horizon.
“Again friendly reminder for you to take some off the table for your altcoins.Your $2.70 FTM buy is probably not going to get to that level, take the L on this next move up.”
Again friendly reminder for you to take some off the table for your #Altcoins. Your $2.70 $FTM buy is probably not going to get to that level, take the L on this next move up. https://t.co/ofajEh4lSD
At the time of writing, FTM trades at $1.39, up 3.8% on the daily chart.
The Sandbox (SAND)
Altcoin Sherpa looks next into, The Sandbox (SAND), which according to him looks very similar Axie Infinity (AXS), before its latest rally.
“Kind of looks like AXS before it mooned. You’ll probably want to consider buying some metaverse stuff if AXS starts to pump hard; I think that these laggards will also do really well.”
$SAND: Kind of looks like $AXS before it mooned. You'll probably want to consider buying some metaverse stuff if AXS starts to pump hard; I think that these laggards will also do really well. pic.twitter.com/kd1WECc6VR
At the time of writing, SAND trades at $3.40, up 1.6% on the daily.
Near Protocol (NEAR)
The analyst is also bullish on protocol Near (NEAR), assuming that Bitcoin can rise to higher levels. His target for NEAR is at $16.
“I think that we go to $16 or higher in the coming weeks as long as BTC plays nice.This has chopped for 2 months, I think it expands soon.”
$NEAR: Some notes, I think that we go to $16 or higher in the coming weeks as long as $BTC plays nice. This has chopped for 2 months, I think it expands soon. #NEARpic.twitter.com/upi1g4DCSw
