A top crypto analyst believes four Ethereum (ETH) competitors face a bleak future if Bitcoin (BTC) continues to fall.
Pseudonymous trader Altcoin Sherpa tells his 176,100 Twitter followers that smart contract-enabled blockchains Solana (SOL), Avalanche (AVAX), Polkadot (DOT) and NEAR Protocol (NEAR) are all set to shed around 50% of their value from current prices if Bitcoin keeps trending lower.
“The real halving…
DOT SOL AVAX NEAR
If BTC makes another leg down, these go another 50% from current levels.
I still think we see a short bounce before then, but these demand areas getting tested a lot right now.”
Polkadot is currently exchanging hands at $9.76. The analyst then looks at Solana, trading for $41.79 at time of writing.
Altcoin Sherpa also looks at Avalanche, currently priced at $22.42.
The trader then charts NEAR Protocol, retailing for $5.05 at time of writing.
Bitcoin is currently priced at $28,730, down by more than 28% over the past 30 days.
While Altcoin Sherpa is bearish on the four Ethereum rivals, the crypto analyst says that TRON (TRX), a blockchain designed as a decentralized storage and distribution platform for social media and digital entertainment content, has some upside potential.
Altcoin Sherpa says if the price of Bitcoin “stabilizes,” TRON could go up by over 40% from current levels as the founder of the crypto asset, Justin Sun, launches new initiatives.
Sun recently unveiled an algorithmic stablecoin on the TRON blockchain, USDD (USDD), which is designed to exchange one for one against the US dollar. USDD currently boasts a market cap of around $577 million.
“TRX: One of the few coins you can look for longs; wouldn’t do it in this current area but Justin Sun is moving his sh**coin higher. If BTC stabilizes, I would assume this goes to $0.12.”
TRON is trading for $0.08 at time of writing.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Credit: Source link
