Pseudonymous crypto analyst Altcoin Sherpa tells his 180,700 Twitter followers that smart contract protocol Ethereum Classic (ETC) looks poised for a significant pullback after its steep rally over the past few weeks.
“ETC: comfy in my short from $39s as a hedge. I think this goes to $33 and $30 (potentially) at a minimum. Taking profits there.”
At time of writing, ETC is trading for $35.80, over 16% above Altcoin Sherpa’s downside target of $30.
Next up is Optimism (OP), a layer-2 scaling solution for Ethereum (ETH). The crypto strategist believes OP is also likely to witness a deep correction after surging over 286% in less than three weeks.
“OP: I think this thing goes to $1.12 at a minimum.”
OP is trading at $1.55 at time of writing.
Looking at Ethereum rival Solana, Altcoin Sherpa says SOL is likely to experience more corrective moves in the coming days now that it is trading below a crucial level.
“For continuation, you really want to see this form a higher low around $39ish. If that level breaks, I think that things could get ugly quickly. I’m still cautiously bullish, and I would look to long around that level if you think things are bullish in mid-term.”
At time of writing, SOL is valued at $37.99.
The last coin on the trader’s radar is Bored Ape Yacht Club (BAYC) offshoot project ApeCoin. According to Altcoin Sherpa, APE is primed for a rally to $10 before any significant retracements.
“Still mad I never got fully filled on my reloads in the low $5s. This one is continuing to grind up, but I’m still comfy in my entries in mid/high $5s.”
APE is swapping hands for $6.71 at time of writing.
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