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Clear Bearish Market Construction Flashing for SUI, NEAR and One Extra Altcoin, Says Crypto Analyst

Cryptoadmin by Cryptoadmin
August 6, 2024
in Crypto News
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Clear Bearish Market Construction Flashing for SUI, NEAR and One Extra Altcoin, Says Crypto Analyst
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A carefully adopted crypto strategist thinks three altcoins together with the layer-1 venture Sui (SUI) are within the midst of a transparent downtrend.

Pseudonymous analyst Altcoin Sherpa warns his 218,900 followers on the social media platform X that SUI, together with fellow good contract platform Close to (NEAR) and the AI-focused Synthetic Superintelligence Alliance (FET) are buying and selling in bear territory.

“The actually scary factor is that we nonetheless have an extended option to go for a few of these cash. An unstable BTC surroundings coupled with provide unlocking (peep SUI) means a recipe for catastrophe for a lot of of those cash.

Clear bearish market construction for a lot of and has been like that for some time. Keep secure on the market.”

The dealer shares a chart of SUI exhibiting how the altcoin has sharply fallen from its all-time excessive of $2.17.

Image
Supply: Altcoin Sherpa/X

At time of writing, SUI is price $0.575.

In one other chart, he appears to counsel that FET is flashing a sequence of bearish decrease highs and decrease lows.

Image
Supply: Altcoin Sherpa/X

At time of writing, FET is buying and selling for $0.921.

As for NEAR, the analyst’s chart seems to counsel that the altcoin has printed two consecutive decrease highs on its weekly chart

Image
Supply: Altcoin Sherpa/X

At time of writing, NEAR is price $4.16.

Whereas Altcoin Sherpa is bearish on the trio of altcoins, he’s nonetheless long-term bullish on Bitcoin (BTC) and Ethereum (ETH). He additionally says that Q4s of every yr have been traditionally bullish for crypto.

“BTC remains to be going to an all-time excessive (ATH) later this yr and your shitcoins are going to *probably* be up multiples from as we speak’s worth.

Seasonality is a factor; This fall and Q1 are splendid occasions. Don’t die earlier than then.

ETH remains to be going to interrupt ATH close to assured; nonetheless a commerce that’s very excessive chance given ETF (exchange-traded fund).” 

Bitcoin is buying and selling at $55,939 at time of writing whereas ETH is price $2,352.

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Tags: AdditionalAltcoinAnalystBearishClearCryptoFlashingMarketStructureSUI
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