- The cryptocurrency market is attempting to recover from its recent crash, with some warnings of a continued downturn. A well-followed analyst warns that Bitcoin may not have corrected yet and updates his outlook for SOL and ENA Coin.
- According to Altcoin Sherpa, Bitcoin needs to reclaim the $60,000 level before we can have more confidence in a reversal of the uptrend. He also points out that Bitcoin’s sudden drop below $58,000 this week resembles other corrections in this cycle.
- The analyst predicts that Solana (SOL), a competitor to Ethereum (ETH), could retreat to $116 in the short term based on the Fibonacci correction levels chart. However, he believes it will rise over the months. For Ethena’s (ENA Coin) decentralized finance protocol, the analyst suggests it is likely to extend its upward momentum after retesting the Fibonacci retracement level at $0.76.
As the cryptocurrency market attempts to recover from its recent crash, a well-followed analyst warns that Bitcoin may not have corrected yet and updates his outlook for SOL and ENA Coin.
Bitcoin: Wait for this level to break!
Bitcoin has begun to gather strength following its sharp decline. However, warnings continue to come that the downturn is not over yet. Altcoin Sherpa, the analyst, says he will have more confidence in a reversal of the uptrend after Bitcoin reclaims the $60,000 level. He states, “BTC: I don’t think we’re out of the woods yet. We still have some levels to reclaim. The altcoin movement on May 2 was nice, but I wouldn’t invest at these levels. Wait for BTC to show more strength and, in my opinion, break $60,000+.”
SOL and ENA Coin Predictions
Based on the Fibonacci correction levels chart, the analyst predicts that Solana (SOL), a competitor to Ethereum (ETH), could retreat to $116 in the short term. However, he believes it will rise over the months. He advises, “SOL: Just make an average investment in dollars. Don’t worry about this. Wait about 12 months and then sell higher.”
Finally, the analyst suggests that Ethena’s (ENA Coin) decentralized finance protocol is likely to extend its upward momentum after retesting the Fibonacci retracement level at $0.76. He comments, “ENA Coin: I’m out of this. However, I think it has a solid outlook. .618 Fibonacci + support/resistance level and the market is in good shape.”
Conclusion
In conclusion, the cryptocurrency market is attempting to recover from its recent crash, with Bitcoin needing to reclaim the $60,000 level before we can have more confidence in a reversal of the uptrend. Meanwhile, SOL and ENA Coin have potential for growth in the coming months, according to the predictions of Altcoin Sherpa.
