Analyst Gives Bearish Take on an Altcoin, Updates Views on Solana and Another Crypto

Prominent Crypto Expert Expresses Concern Over $1.934 Billion Market Cap Altcoin's Outlook

Altcoin Sherpa, a pseudonymous trader with 196,800 followers on platform X, predicts further decline for Cosmos (ATOM). Despite its potential in the decentralized applications (Dapp) sector, ATOM, currently 60% off its 2023 peak of $15.45, might plummet to around $5.50 before any significant rebound. The analyst comments, "The chart looks concerning, and I don't foresee a recovery until it hits mid-$5s. Personally, I wouldn't invest in it right now.

Source: Altcoin Sherpa/X

As of now, ATOM is priced at $6.61.

Additionally, Altcoin Sherpa is closely monitoring Solana (SOL), an Ethereum (ETH) competitor. The analyst observes that SOL is currently confined to a broad trading bracket, fluctuating between $16 and $27. He remarks, "Upon reviewing SOL's chart, I notice no significant shifts in the longer-term trends. It seems to be oscillating between $16-$27, with minor deviations. It might be wise to simply buy and hold SOL for a while.

Source: Altcoin Sherpa/X

As of the latest update, SOL is trading at $22.10.

Altcoin Sherpa is also keeping a close eye on Woo Network's native asset (WOO), a decentralized pool trading platform. The analyst presents a chart indicating WOO's ongoing lateral movement, with a support level near $0.147. He comments, "WOO is an impressive project/exchange. They've recently made headlines by burning the 3AC (Three Arrows Capital) tokens, effectively reducing the supply. While I'm not convinced it's a buy right now, it seems like a solid long-term investment choice. For transparency, I do hold a long-term position in WOO.

Source: Altcoin Sherpa/X

At time of writing, WOO is trading at $0.178.

Oct 17, 2023

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