Fears of inflation and economic uncertainty are driving down the price of bitcoin, altcoins and cryptocurrency market volume. The price of bitcoin fell to $21,000 on Wednesday, while altcoins also followed suit and BTC crashed. However, at the time of writing, most of the top 10 coins had made modest gains in the last 24 hours and were trading in the green.
A well-known expert is delving into the charts to determine price targets for the four cryptocurrencies as the market declines.
Altcoin SherpaOne pseudonymous trader, says that he is looking at the top smart contract platform, Ethereum, using the one-week candles, and if ETH rises above $1,000, a range of $500 to $800 is set. Chances are.
For obvious reasons, he sees $1,000 as a good short-term bottom. The next target will be $800, and if things turn worse, $500. At the time of writing, ETH is trading at $1,198 and has gained over 7% in the past 24 hours.
Moving on to the layer-1 blockchain Solana, analyst believes The altcoin will recover some of its losses in the near term, but it will still go below $20.
,[In my opinion] The current zone is a good buy zone for a short term bounce, don’t be greedy and assume it is ‘bottom’. If things keep going down, the bottom is probably less than $20.”
At the time of writing, SOL is up 21 percent in the last 24 hours and is trading at $33.
Next, Altcoin Sherpa evaluates Avalanche, a layer-1 smart contract platform, predicts that AVAX will eventually drop to $10, noting that a price below $5 would mean “things are really bad.” At the time of writing, Avalanche was trading up 15 percent at $17.81. AVAX was trading above $24 a week ago.
close to protocol (Near)
NEAR Protocol, a Decentralized Application (DApp) Platform and Ethereum Competitor Comes Last analyst list, He sees $2.50 as a potential bottom, but cautions that additional market capitalization could push NEAR below $2.
“$2.50ish will be a target in the medium term; however we could see a bounce before that. If things turn bad, eyeing sub-$2.