dailyhodl.com
A closely followed crypto strategist thinks three altcoins including the layer-1 project Sui ($SUI) are in the midst of a clear downtrend.
Pseudonymous analyst Altcoin Sherpa warns his 218,900 followers on the social media platform X that $SUI, along with fellow smart contract platform Near ($NEAR) and the AI-focused Artificial Superintelligence Alliance ($FET) are trading in bear territory.
“The really scary thing is that we still have a long way to go for some of these coins. An unstable $BTC environment coupled with supply unlocking (peep $SUI) means a recipe for disaster for many of these coins.
Clear bearish market structure for many and has been like that for a while. Stay safe out there.”
The trader shares a chart of $SUI showing how the altcoin has sharply fallen from its all-time high of $2.17.
At time of writing, $SUI is worth $0.575.
In another chart, he seems to suggest that $FET is flashing a series of bearish lower highs and lower lows.
At time of writing, $FET is trading for $0.921.
As for $NEAR, the analyst’s chart appears to suggest that the altcoin has printed two consecutive lower highs on its weekly chart
At time of writing, $NEAR is worth $4.16.
While Altcoin Sherpa is bearish on the trio of altcoins, he’s still long-term bullish on Bitcoin ($BTC) and Ethereum ($ETH). He also says that Q4s of each year have been historically bullish for crypto.
“$BTC is still going to an all-time high ($ATH) later this year and your shitcoins are going to *likely* be up multiples from today’s value.
Seasonality is a thing; Q4 and Q1 are splendid times. Don’t die before then.
$ETH is still going to break $ATH near guaranteed; still a trade that’s very high likelihood given ETF (exchange-traded fund).”
Bitcoin is trading at $55,939 at time of writing while $ETH is worth $2,352.
Generated Image: Midjourney