Trader Says Altcoin That’s Exploded 370% in Four Months May Soon Witness Steep Correction, Updates Outlook on Bitcoin and Dogecoin
A crypto analyst says an under-the-radar altcoin could undergo steep correction after surging by triple-digit percentage points since June.
The pseudonymous trader Altcoin Sherpa says he believes the blockchain oracle altcoin Tellor Tributes (TRB) will be one of the “best coins” to short over the coming months.
Altcoin Sherpa predicts TRB will “go all the way back down” while attaching a chart showing a target price of around $14.
Tellor is trading at $45.90 at time of writing, up about 373% from the price of $9.70 recorded on June 12th.
Turning to Bitcoin (BTC), the pseudonymous analyst says the flagship crypto asset is likely to trade without a clear direction for months before the “fun” begins.
“I think we’re still in a period of heavy chop with no true breakout yet. Reminds me a lot of 2019, where prices traded up and down, above and below the 200-day EMA (exponential moving average) with weird spikes everywhere.
Still think that 2024 – 2025 is the time for fun, try to survive until then.”
Bitcoin is trading at $26,821 at time of writing.
Next up is Dogecoin (DOGE). While attaching a chart showing DOGE is on the verge of retesting a support level that has held for over 14 months, Altcoin Sherpa says that he is not seeing any opportunistic movements for the flagship memecoin.
Dogecoin is at $0.0580 at time of writing.
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