A closely followed crypto strategist is mapping out what’s ahead for Ethereum-competitors Cardano (ADA), Polkadot (DOT), Terra (LUNA) and four other altcoins.
Pseudonymous analyst Altcoin Sherpa tells his 165,700 Twitter followers that he’s looking at where smart contract platform Cardano’s price could potentially bounce.
“ADA: since everyone’s exposed to just altcoins, I’m going to be doing a bunch of alt charts where I think decent support is. That doesn’t mean that there won’t be bounces before this time but these are meaningful levels of support where prices could eventually go.
The trader says that the $1.00 level for Cardano could hold, but if it fails, he sees ADA going down to $0.40.
Altcoin Sherpa is also looking at interoperable blockchain Polkadot (DOT), which he says could find support at $15.
Next up is decentralized parallel blockchain network Cosmos (ATOM), which Altcoin Sherpa believes can go as low as $20.
Another altcoin on the trader’s list is decentralized finance (DeFi) payment network Terra. According to Altcoin Sherpa, the area between $30 to $40 can serve as a key support level for LUNA.
Next is meme crypto asset Dogecoin (DOGE), which Altcoin Sherpa believes may ignite a sell-off event if it dips below support at $0.128.
Altcoin Sherpa is also keeping an eye on play-to-earn blockchain-based game Axie Infinity (AXS). According to the crypto trader, he sees AXS holding support around $35.
The last coin on the trader’s radar is decentralized oracle network Chainlink (LINK). According to the crypto strategist, LINK could potentially see a reversal at $12.
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