Ethereum Altcoin Soars 700% in 2 Months, But Analyst Warns of Crash
According to a well-respected analyst with a substantial following, it appears that an altcoin operating on the Ethereum (ETH) blockchain is on the verge of relinquishing a substantial portion of the substantial gains it has achieved in the past two months.
Pseudonymous analyst Altcoin Sherpa, who has a following of 196,800 on the social media platform X, has suggested that the native asset of the decentralized oracle Tellor Tributes (TRB) may have concluded its multi-month uptrend.
TRB, which experienced a remarkable rally from a low of $9.11 in mid-August to a peak of $79 last week, seems to have utilized all of its bullish momentum, as stated by the trader.
"TRB: I believe that was the blow-off top. I anticipate this to ultimately decline and gradually retrace back to lower levels."
Based on the trader's chart analysis, it appears that TRB is expected to experience a significant decline, potentially reaching as low as $32.
As of the time of writing, TRB is currently trading at $59.68.
The cryptocurrency strategist is also closely monitoring the price movement of Ethereum's competitor, Avalanche (AVAX). According to the analyst, AVAX may experience a rally following the news that the Avalanche-based social finance (SocialFi) protocol Stars Arena has been restored and is operational again after a major security breach last week.
"AVAX: Long on Arena
With Stars Arena back online and the overall price region appearing to provide solid support, there is a short-term bullish outlook."
Based on the trader's chart analysis, it seems that AVAX is anticipated to experience a rally and potentially reach the $10.60 level.
As of the time of writing, AVAX is currently trading at $9.39.
Oct 19, 2023