The cryptocurrency market is still experiencing a drawn-out lull after an impressive rally but one trader has painted a positive tendency picture for a couple of crypto altcoins in the market. The trader puts the likes of SUI, ARB, and BLUR in their analysis, giving them a high possibility of a rally.
50 percent Upside Possible For ARB, SUI, And BLUR
Taking to Twitter, a pseudonymous cryptocurrency trader known as Crypto Altcoin Sherpa informed his almost 196,000 followers that he is expecting whole lot of upside for some coins including SUI, ARB, and BLUR. Reports by Sherpa, numerous crypto 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 crypto altcoins, all pointing to a similar moving tendency for all of them. If Crypto Altcoin Sherpa’s 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 reports by Sherpa’s analysis. Although while he does see positive tendency sentiment for these crypto altcoins in the short term, he cautions that they may be followed by a dump right after. When it comes to BLUR, it can potentially be owing to the coin opens 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. As a result, it would be a welcome development for the rest of the cryptocurrency market given that all of the market is very likely move up in tandem with large assets like Bitcoin (BTC) for this to happen.
What Does The Cryptocurrency Market Say?
Presently, the general cryptocurrency 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, there is mostly reluctance between investors to cause a move.
Total market capitalization falls below $1.1 trillion | Source: Cryptocurrency Total Market Capitalization on TradingView.com
What this 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 cryptocurrency market into another collapse, sending Bitcoin (BTC) back to the $25,000 region.
If a collapse happens, then this forecast for SUI, ARB, and BLUR may be invalidated very quickly. Unless there is a switch in investor sentiment into greed, such a development could send assets in the space to new local highs.
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com