The cryptocurrency market remains unstable. Leading cryptocurrency Bitcoin is struggling to stay above $27,000. Altcoin projects mostly progress in the red zone. A red-hot but controversial altcoin is on the verge of collapse, says a popular crypto analyst.
Altcoin Sherpa: WLD on the decline of 34%
As you follow from Kriptokoin.com, the crypto market cannot maintain its upward momentum. Immediately after the rise with positive news, a negative factor appears and breaks the spell. In this uncertain environment, some projects that previously performed well are becoming tired. The analyst, nicknamed Altcoin Sherpa, shares his predictions with his 196,600 followers on the X social media platform. The analyst says that Worldcoin (WLD), which is at the center of the discussions, will drop at least 34 percent from its current value. In this context, Altcoin Sherpa makes the following statement:
WLD: was a great long position for this. But I think he looks tired. I have already exited this process. However, if you are currently long, I would consider cutting soon. I think it will fall below $1 in the long run. This will also go downwards. Still a small bounce at $1.50.
Source: Altcoin SherpaLooking at its chart, the analyst seems to think that Worldcoin is in a downtrend after encountering resistance near the $1.90 level and will likely retest the 200-day single moving average (SMA) in the $1.50 range. Meanwhile, WLD fell to $0.978 in mid-September. However, on September 28, it rose to $1.88, an increase of 92%. The token has been on a downward trajectory ever since. The altcoin was trading at $1.50 at the time of writing, down 9.1% in the last 24 hours.
Analyst: SOL is on my radar, but…
Altcoin Sherpa is also keeping a close eye on Ethereum (ETH) rival Solana (SOL). The analyst says he wants to see if it breaks a key resistance level to confirm the bullish momentum. In this regard, the analyst makes the following statement:
LEFT: This upcoming area is a very important one. $26 has been a key zone for S/R (support/resistance). Honestly, I still think this will be a good buy and hold for over six months. It’s probably one of the few you can invest in. As for trading? Personally, I wouldn’t buy until it breaks $26.
Source: Altcoin SherpaMeanwhile, SOL is trading at $22.91, down 4% in the last 24 hours. However, SOL gained over 21% on a weekly basis.
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