Crypto NewsEthereum (ETH)Polkadot (DOT)

Crypto Analyst Predicts Massive Downside for Ethereum Competitor Polkadot, Updates Forecasts for Cosmos and LooksRare

A popular crypto strategist says Ethereum (ETH) challenger Polka dot (DOT) could face a massive 56% discount from its current price level before finding some stability.
Pseudonymous analyst altcoin Sherpa tells his 179,900 Twitter followers that the interoperable Blockchain Polkadot could find support at significantly lower price levels.

“DOT: $3-5 probably a good place to start accumulating this thing. High volume nodes around there. This chain has been a pretty big mistake so far in my opinion.”
Crypto Analyst Predicts Massive Downside for Ethereum Competitor Polkadot, Updates Forecasts for Cosmos and LooksRare, Crypto Trading NewsSource: Altcoin Sherpa/Twitter
At the time of writing, DOT is changing hands for $6.85.

The strategist also keeps the altcoins Cosmos (ATOM) and LooksRare (LOOKS) in mind. Altcoin Sherpa says that ATOM and LOOKS are still in a strong downtrend, but there is a chance they could print a short-term reversal pattern.

“I don’t see any reversal patterns yet. You might see a double bottom from Adam and Eve, but the trend is still undeniably down. It’s doubtful that’s having an impact, but that’s what you would be looking for in the short/medium term for a reversal.”
Crypto Analyst Predicts Massive Downside for Ethereum Competitor Polkadot, Updates Forecasts for Cosmos and LooksRare, Crypto Trading NewsSource: Altcoin Sherpa/Twitter
LOOKS, the utility token of the Ethereum-based NFTMarketplace LooksRare, is trading at $0.27 at the time of writing, down nearly 4% on the day.
Crypto Analyst Predicts Massive Downside for Ethereum Competitor Polkadot, Updates Forecasts for Cosmos and LooksRare, Crypto Trading NewsSource: Altcoin Sherpa/Twitter
Cosmos, a blockchain ecosystem designed for both scalability and interoperability, is currently valued at $8.00.

Looking at the leading digital asset Bitcoin Altcoin Sherpa says he sees BTC lingering in bear territory for an extended period.

“It will take months to hack and accumulate once the cause is found. And it may not bottom out for a few months from now. Hunker down for a long bear market
Crypto Analyst Predicts Massive Downside for Ethereum Competitor Polkadot, Updates Forecasts for Cosmos and LooksRare, Crypto Trading NewsSource: Altcoin Sherpa/Twitter
At the time of writing, BTC is valued at $19,183.
Check the price action


Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia

Source: Crypto News Deutsch

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