By The Daily Hodl - 6 months ago - Reading Time: 2 minutes
Ethereum-Based Altcoin That’s Up 700% in Two Months Primed To Grind All the Way Back Down, Says Crypto Analyst
An altcoin running on the Ethereum (ETH) blockchain looks poised to give up a significant part of its massive gains in the last two months, according to a widely followed analyst.
Pseudonymous analyst Altcoin Sherpa tells his 196,800 followers on the social media platform X that the native asset of the decentralized oracle Tellor Tributes (TRB) has likely ended its multi-month uptrend.
TRB, which rallied from a low of $9.11 in mid-August to a high of $79 last week, appears to have exhausted all bullish momentum, according to the trader.
“TRB: I think that was the blow-off top. Expecting this to eventually die and grind all the way back down.”
Source: Altcoin Sherpa/XLooking at the trader’s chart, he seems to predict that TRB will plummet all the way down to $32.
At time of writing, TRB is trading for $59.68.
The crypto strategist is also keeping a close watch on the price action of Ethereum rival Avalanche (AVAX). According to the analyst, AVAX may rally on the back of news that the Avalanche-based social finance (SocialFi) protocol Stars Arena is once again live after succumbing to a massive security breach last week.
“AVAX: long the Arena
Stars Arena coming back online + this entire area looks like a solid support region. Short-term bullish.”
Source: Altcoin Sherpa/XBased on the trader’s chart, he appears to predict that AVAX will rally toward the $10.60 level.
At time of writing, AVAX is trading for $9.39.
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The post Ethereum-Based Altcoin That’s Up 700% in Two Months Primed To Grind All the Way Back Down, Says Crypto Analyst appeared first on The Daily Hodl.
Original source: The Daily Hodl