The cryptocurrencyย market isย still experiencing a drawn-out lull after an impressive rally but one trader has painted a positiveย tendency picture for a couple of cryptoย altcoins in the market. The trader puts the likes of SUI, ARB, and BLUR in their analysis, giving them a high possibilityย of a rally.
50 percent Upside Possible For ARB, SUI, And BLUR
Taking to Twitter, a pseudonymous cryptocurrency trader known as Cryptoย Altcoin Sherpa informed his almost 196,000 followers that he is expecting wholeย lotย of upside for some coins including SUI, ARB, and BLUR. Reportsย by Sherpa, numerous cryptoย altcoins including the ones mentioned are already marking a bottom, which could point to a short-term reversal for them.
The charts posted alongside the tweet showed similarities across the 25-day, 55-day, and 89-day EMAs of these cryptoย altcoins, all pointing to a similar moving tendency for all of them. If Cryptoย Altcoin Sherpaโs analysis is correct, the ARB, BLUR, and SUI could all move at least 50 percent higher than their current prices.
Nonetheless, it is not all good news reportsย by Sherpaโs analysis. Althoughย while he does see positiveย tendency sentiment for these cryptoย altcoins in the short term, he cautions that they mayย be followed by a dump right after. Whenย itย comesย to BLUR, itย canย potentially be owingย to the coin opensย up that are set to take place next month.
Nevertheless, a 50 percent move from here for these 3 assets would not be localized to them alone. Asย aย result, it would be a welcome development for the rest of the cryptocurrencyย market given that all of the market isย veryย likely move up in tandem with large assets like Bitcoinย (BTC) for this to happen.
What Does The Cryptocurrency Market Say?
Presently, the general cryptocurrencyย market sentiment is at a stalemate, leading to the muted movement that is being recorded across the space price-wise. With the Fear & Greed Index sitting at a neutral 50, thereย is mostly reluctance between investors to causeย a move.
Total marketย capitalization falls below $1.1 trillion | Source: Cryptocurrency Total Marketย Capitalization on TradingView.com
What thisย grants is either a bounce point for bulls for further upside, or it gives bears the time to mount adequate resistance. The previous would see prices increase rapidly if that were the case. Nonetheless, the latter could propel the cryptocurrencyย market into another collapse, sending Bitcoinย (BTC) back to the $25,000 region.
If a collapse happens, then this forecast for SUI, ARB, and BLUR mayย be invalidated very quickly. Unless thereย is a switch in investor sentiment into greed, such a development could send assets in the space to new local highs.
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