Bitcoin and Ethereum have been the stars of the cryptocurrency market for years, but the landscape is constantly changing with the rise of new players like Sui Network. Altcoin Sherpa, a popular crypto strategist, has been keeping an eye on the market and has some interesting insights to share.
In a recent update, Altcoin Sherpa warned his 195,100 Twitter followers that memecoins, like Pepe, are likely to collapse. He advised traders to be cautious with these tokens, which he sees as a short-lived casino game. While Pepe and other memecoins may be popular, Altcoin Sherpa believes they will ultimately go to zero.
Altcoin Sherpa also updated his outlook on Bitcoin, trading sideways for the past few months. According to his chart, Bitcoin has bounced between $25,000 and $30,000 for the past 48 days. Altcoin Sherpa believes this choppy environment has made it difficult for traders to profit. However, he also reminded traders to know themselves and their trading strategies to succeed.
Altcoin Sherpa has also been watching the new layer-1 blockchain Sui Network (SUI). Based on Fibonacci retracement levels, Altcoin Sherpa predicts that SUI will revisit a lower range of $1.29. However, he also warns that if Bitcoin dips, SUI could drop down to $1.24. Despite these potential dips, Altcoin Sherpa sees SUI as being in an accumulation phase as long as Bitcoin remains stable.
Finally, Altcoin Sherpa has been looking at Arbitrum (ARB), a layer-2 scaling solution. While he still sees ARB as a great chain, he predicts that it will dip lower in the coming weeks. By looking at several Exponential Moving Averages (EMAs) and Fibonacci retracement levels, Altcoin Sherpa believes that ARB could fall to the $1.15-$1.20 range.
As cryptocurrency markets evolve, traders must stay on top of the latest trends and insights. While Bitcoin and Ethereum remain popular choices, new players like Sui Network and Arbitrum are emerging. As Altcoin Sherpa advises, traders must stay vigilant and know their strategies to succeed in this constantly changing market.
