A closely followed analyst believes that the crypto markets are primed for a corrective move following strong rallies over the past couple of weeks.
Pseudonymous analyst Altcoin Sherpa tells his 245,200 followers on the social media platform X that he thinks “a dip is going to come soon,” but he doesn’t see any reason to be super bearish once the correction takes place.
According to the analyst, a correction should provide an opportunity for investors to enter the crypto market before another leg up.
Should a marketwide pullback materialize, Altcoin Sherpa says he plans to accumulate five altcoins.
“Coins I want to buy:
BONK ($0.00001600s)
Fartcoin ($0.85)
POPCAT ($0.33)
HYPE ($15-$16s)
GUN ($0.055s)
Loads of others too, but those are on my short list for now.”
Looking closer at the memecoin Fartcoin, the trader notes that FART needs to stay above $1.05 to witness new rallies. Otherwise, he thinks the altcoin could fall to as low as $0.8.
“Fartcoin: wouldn’t be surprised to see this pullback a little bit here, but don’t forget that hot air rises in the end.
Three different scenarios, all mostly dependent on BTC, frankly. I think this just continues up.”
Based on the trader’s chart, he seems to suggest that FART can rally to as high as $1.40. At time of writing, FART is worth $1.09.
Turning to fellow memecoin Bonk (BONK), Altcoin Sherpa thinks that the altcoin looks really strong.
“The chart itself still looks fire.”
At time of writing, BONK is trading for $0.00002, up over 10% on the day.
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Generated Image: Midjourney