The pseudonymous analyst known as Altcoin Sherpa tells his 187,000 Twitter followers that ADA doesn’t look ready to catch a bid despite being 90% down from its all-time highs already.
According to the analyst, ADA is still at risk of a 41% drop from its current price of $0.31.
“ADA: If this area breaks down, I don’t see another area until like $0.18 for support. Don’t see any reason to buy this one but I know ppl love it.”
Looking at DOGE, tech mogul Elon Musk’s favorite cryptocurrency, Altcoin Sherpa says that the benchmark meme token looks attractive around the $0.085 range, where he says a high volume node (HVN) resides. HVNs are price areas where relatively large amounts of trading volume took place, implying fair value.
Altcoin Sherpa says that after a potential bounce to $0.085, a rally as high as $0.15, or a 76% gain.
“DOGE: Didn’t know if Elon tweeted something (I’m sure he did). I was wrong on fading that recent move but still not buying yet. About to enter this next HVN area, would be cautious between .12-.15”
The closely followed analyst is also focused on blockchain scaling solution Polygon (MATIC). Altcoin Sherpa says that on higher time frames (HTFs), MATIC looks poised for a move up. He names the $1.00 level as a target or potential resistance level.
“MATIC: I still think this one looks ok on HTFs, the EMAs are all lining up on the 1D and compressing. I think that the bulk move of the downside is over in the short term, expecting more chop and then a move up.”
At time of writing, MATIC is trading for $0.82, down about 4% on the day.
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