Today the global cryptocurrency market is on the verge to close on a bearish note as the wider market capitalization is trading at $1.39 trillion with a downfall of 4.83% in the last 24hrs.
Amidst this crypto market’s blood shedding and struggle to find stability, A well-known crypto analyst who is pseudonymously known as Altcoin Sherpa gives his opinion based on the charts.
ETH, DOT, AVAX On Major Focus
The crypto analyst, advises his 175,400 twitter followers stating that Eteherum, the lead smart contract platform has leaned back towards January lows that stood at $2,100 level.
He further says Bitcoin is nearer to its May lows while Ethereum is still trading above its May lows.
At the time of reporting, the Ethereum is trading at $2,267 with a fall of 6.75% over the last 24hrs.
Moving further, the next cryptocurrency that has attracted Altcoin Sherpa is Polkadot (DOT) , a cross-chain interoperability. Speaking about Polkadot, the analyst says that $6 is the next target for DOT price as an entry level.
Just a week ago, Polkadot was changing hands above $16 but now the DOT price has plunged below $11. At the moment, Polkadot is trading at $8.44 with a drop of 30% in the last 24hrs.
The crypto strategist next hops to Avalanche (AVAX), a layer-1 smart contract platform. Avalanche has also dropped from above $68 trading on May 5th to below $42 just after a few days.
According to Altcoin Sherpa, the present scenario looks like a good buying area.
Avalanche is currently valued at $28 with a plunge of 43% in the last 24hrs.
The last currency that has come under the crypto strategis radar is Cosmos (ATOM) which is a scalability and interoperability ecosystem. Altcoin Sherpa explains that if Bitcoin (BTC) flickers, then Cosmos (ATOM) will capitulate at $10 level and says this area should act as a support for the price action.
Currently, Cosmos (ATOM) is changing hands at $10.25 with a decrease of 31% from the previous day trade.
The Analyst concludes his analysis by stating that Bitcoin’s support level lies between $30,000 and $35,000. However, the flagship currency has bottomed below $30,000 at the time of reporting trading around $29,000.