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The crypto trader and analyst Altcoin Sherpa predicted via a tweet yesterday that many altcoins will bottom out in the short term. Despite this bearish outlook for the altcoin market, he remained bullish on a few altcoins which he believes will print 20-50% gains in the next few weeks.
I still think that many alts are short term bottoming. To be determined if this is any sort of trend reversal; I personally doubt it. Still, I think a 20-50% move up for many of these is coming (maybe further downside after that, though). $ARB $SUI $BLUR (I own some BLUR) pic.twitter.com/nQvHRByLq6
— Altcoin Sherpa (@AltcoinSherpa) May 23, 2023
In his post, the trader named Arbitrum (ARB), Sui (SUI), and Blur (BLUR) as some of the altcoins that will print gains in the near future. He did warn, however, that there is still the possibility that these altcoins will see their respective prices drop shortly after achieving their potential gains.
In related news, the global crypto market cap experienced a 1.91% drop over the last 24 hours. This recent drop brought down the total to approximately $1.12 trillion at press time, according to CoinMarketCap.
Meanwhile, the crypto market tracking website indicated that ARB was trading at $1.13 after experiencing a 2.69% loss over the previous 24 hours. The crypto also weakened against the two market leaders Bitcoin (BTC) and Ethereum (ETH) during this time, with ARB down 0.34% against BTC and 0.89% against ETH.
SUI also saw its price drop over the past day. As a result, the altcoin was trading hands at $0.9864 at press time. Similar to ARB, SUI was outperformed by the two market leaders as well, and was down 6.94% against BTC and 7.47% against ETH.
Lastly, BLUR was one of the handful of cryptos that was able to achieve a gain over the past 24 hours. At press time, the crypto’s price stood at $0.5035 following a 1.19% increase. It was also able to strengthen against BTC and ETH by 3.54% and 3.04% respectively.
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