A widely followed crypto analyst updates his view on a red-hot Solana (SOL)-based memecoin.
Pseudonymous crypto strategist Altcoin Sherpa tells According to his 201,400 followers on social media platform
“BONK: Most of the move is probably over, but I think this can continue as usual. Basically, I have no idea and it’s extremely difficult to ever predict these memes. However, I don’t think you should short this thing right now, even if it’s at a good point for a pullback.”
Looking at the trader’s chart, BONK retested a key level at $0.0000147 on Thursday after a dip to the downside. However, BONK later rose and at the time of writing is trading at $0.00002864, up over 1.219% from its November 15 close of $0.00000217.
Then the trader say that artificial intelligence (AI)-focused altcoin Fetch.ai (FET) could go another step further after the $0.60 resistance level turned into support and approached a key $0.77 level.
“FET: the current level is interesting, but I’m still not going to buy here. To be honest, I’m still looking for my main AI game for this cycle. I have other bags and stories packed, but not this one (yet). Frankly, $0.90 seems likely in the medium term.”
FET is trading at $0.72 at the time of writing, up 9.2% in the last 24 hours.
Finally, the trader say that Ethereum (ETH) rival Avalanche (AVAX) could fall to $30 based on Fibonacci retracement levels and the 200-day exponential moving average (EMA).
“AVAX: The 200 EMA at the four o’clock will eventually be tapped. I don’t know when, but I would be patient. Ultimately, look for $30 and below if this is the medium-term top. I have a bag of AVAX that I want to keep for a while.”
AVAX is trading at $39.54 at the time of writing, up slightly in the last 24 hours.
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Generated image: Midjourney
