A closely followed crypto strategist is predicting deep pullbacks for Waves (WAVES), ApeCoin (APE) and one other altcoin as the digital asset market takes a breather.
Pseudonymous strategist Altcoin Sherpa tells his 171,500 Twitter followers that he sees custom token and decentralized application creation platform Waves correcting all the way down to $20.
“WAVES: Say goodnight.”
With Waves currently exchanging hands for $29.41, Altcoin Sherpa’s target represents a 32% potential downside.
Next up is APE, an altcoin created for the Bored Ape Yacht Club non-fungible token (NFT) community. According to Altcoin Sherpa, APE could retrace back to $9.50, which is about 17.5% below its current price.
“APE: Long out of my position; would be willing to buy this one much lower. $8.00 or so. There should be a bounce at $9.50ish though, likely a good scalp entry.”
ApeCoin is trading for $11.53 at time of writing,
The trader is also keeping a close eye on Zilliqa (ZIL), a smart contract-enabled blockchain for enterprise solutions. He says that ZIL could further correct to $0.11 after posting a massive 375% rally that saw it spike from $0.05 to $0.218 in just a few days.
“Better to short these types of coins than BTC if you think BTC is bearish. [The] reason is that these had their blowoff tops already and will likely go down if BTC pumps and dump even harder if BTC dumps. Target =$0.11.”
At time of writing, ZIL is valued at $0.127. A correction to Altcoin Sherpa’s target marks a downside risk of nearly 15%.
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Featured Image: Shutterstock/Nathapol Kongseang/Natalia Siiatovskaia
