A popular analyst is updating his price targets for a trio of crypto assets as the markets conclude a rocky week of trading.
The pseudonymous trader Altcoin Sherpa plots out several Fibonacci levels for smart contract platform Solana (SOL), telling his 182,400 Twitter followers that he could see the altcoin briefly rising to $36.60 before falling back below $26.
“I think bouncing around here makes sense, but I still ultimately think that the mid-$20s is still coming eventually.
Would be patient with this one.”
Solana is trying to recover from a rough final week in August which saw its price drop by 14.3% from $35.27 to $30.21.
SOL briefly flirted with the $33 level but is currently trading for $31.48.
Next on the analyst’s radar is the cross-chain interoperability protocol Polkadot (DOT). Altcoin Sherpa provides a two-year chart while setting several potential price targets where $10.36 serves as resistance and around $4.50 marks the bottom.
“Haven’t looked at this shitcoin in a while, $4.50 or so is going to come if things get really bad.
If this is the bottom, it’ll look like a double bottom structure [in my opinion].”
Polkadot is also battling back from the flash crash that affected most asset classes last weekend following Federal Reserve Chairman Jerome Powell’s comments about tightening monetary policy.
At time of writing, DOT is changing hands for $7.14.
Last up is the Ethereum (ETH) competitor NEAR Protocol (NEAR), which the analyst looks at on four-hour candles dating back to late July. Altcoin Sherpa thinks NEAR is holding up better than expected but warns potential investors that the altcoin is currently testing its upward resistance zone.
“Haven’t looked at this shitcoin for a bit, it actually looks pretty decent.
It’s at resistance so wouldn’t quite buy this level, but a break/retest could mean a move up to $5.
Keeping an eye out.”
Near Protocol has fully recovered from last week’s price dip, down just 1.05% over the past 24 hours and worth $4.35.
NEAR’s price got a boost earlier this week when top US crypto exchange Coinbase added the altcoin to its trading roster.
Source : dailyhodl