• Trader Altcoin Sherpa believes that decentralized exchange altcoin GMX is primed for a move to the downside.
• The pseudonymous trader also states that Bitcoin (BTC) is bearish, although it’s still trading above support at around $29,500.
• Altcoin Sherpa is keeping an eye on other altcoins such as Sui (SUI), Hooked Protocol (HOOK), Open Campus (EDU) and Arkham (ARKM).
Crypto Trader Warns of Steep Decline for One DEX Altcoin
A widely followed crypto trader, Altcoin Sherpa, believes that one decentralized exchange altcoin (DEX) is primed for a move to the downside after its strong performance earlier this year. GMX had a strong start this year, rallying over 143% from a low of $37.50 to a high of $91.40. According to the trader, GMX will likely witness about a 20% move to the downside and back to the $40s range.
Bitcoin Outlook
Altcoin Sherpa also states that traders appear to be bearish on Bitcoin (BTC) even though it is still trading above support at around $29,500. At time of writing, BTC is trading for $29,929.
Other Altcoins in Focus
The crypto trader says he is keeping his eye on other altcoins such as Sui (SUI), Hooked Protocol (HOOK), Open Campus (EDU) and Arkham (ARKM). He expects these coins to experience retracement down to their respective Fibonacci 0.786 price levels before bouncing back up again once they hit this level of support.
Factors Impacting Crypto Performance
Sherpa notes that “BTC will be the biggest factor” for the overall performance of altcoins when it comes to predicting future prices movements and trends in the market.
Takeaways
Altcoin Sherpa believes GMX will likely witness about a 20% move in value while Bitcoin appears bearish but remains supported at around $29,500 at time of writing. He also suggests traders keep an eye out on SUI HOOK EDU ARKM which may experience retracement down their respective Fibonacci 0.786 price levels before bouncing back up again once they hit this level of support with BTC being a major factor impacting overall crypto performance in the market