dailyhodl.com
A closely followed analyst believes that the native token of the crypto project co-created by ChatGPT founder Sam Altman looks poised for a severe correction.
Pseudonymous analyst Altcoin Sherpa tells his 196,400 X followers that he’s bearish on Worldcoin ($WLD), an artificial intelligence-based crypto project that uses iris-scanning technology.
According to the trader, $WLD is likely to witness a nearly 40% devaluation from current prices at the very least after losing the 0.618 Fibonacci level.
“$WLD: don’t buy this thing until low $1s and even then, it’s just a buy for a quick bounce, nothing else. THIS IS NOT A LONG-TERM INVESTMENT.”
At time of writing, $WLD is worth $2.03.
The crypto strategist is also keeping an eye on the smart contract platform Solana ($SOL). Altcoin Sherpa says $SOL is currently in an area of interest as it hovers close to its 200-day exponential moving average (EMA).
“$SOL: It’s too hard to tell which areas are important to the left, so you can use 200-day EMA as confluence to your levels. This is probably an area of interest right now, and I think that Solana will do well in the bull market. Not a bad idea to just buy some and accumulate.”
At time of writing, $SOL is trading for $23.07 with the 200-day EMA sitting at $22.62.
Next up is Maker (MKR), a token that supports the stablecoin Dai (DAI). Altcoin Sherpa says that he’s looking to accumulate the token just above the 0.50 Fibonacci retracement level.
“MKR: My favorite setup, the Fib .50 retrace. Looking for around $1000; psychological and should be close to these key levels. To be determined if this is over or not, but I think it’ll be a good buy.”
At time of writing, MKR is worth $1,209.
The last altcoin on the trader’s radar is Rollbit Coin ($RLB), the native asset of the crypto casino and exchange platform Rollbit. According to Altcoin Sherpa, $RLB looks primed to rally all the way up to its immediate resistance at $0.126.
“$RLB: Taking 50% off here, will take profit more higher and also leave a runner on this. Despite all the FUD (fear, uncertainty and doubt), I still think it’s a $ printer.”