- The cryptocurrency market has started to move northwards after the cold US CPI data. However, the Fed’s decision to keep interest rates steady while maintaining a hawkish stance has disrupted the market’s equilibrium.
- This mixed atmosphere has seen leading crypto Bitcoin and most altcoins losing altitude. This has created a volatile trading environment for investors and traders alike.
- A well-followed analyst has recently updated their outlook for four specific altcoins that are currently on their radar.
Discover the latest movements in the cryptocurrency market as an experienced analyst updates their outlook on four key altcoins, navigating through the recent economic conditions.
Long-term Bullish Outlook on Dogecoin (DOGE)
The analyst, known as Altcoin Sherpa, maintains a long-term bullish position on Dogecoin (DOGE) amidst the market’s fluctuations. Despite short-term volatility, DOGE’s high time-frame charts still appear promising, with the analyst expecting increased turbulence but remains patient for potential significant gains later in the year.
Jasmy (JASMY) Shows Strong Potential
Altcoin Sherpa is also monitoring Jasmy (JASMY), an Internet of Things (IoT) project. The analyst suggests that if JASMY can maintain support at $0.0377, it could have more upward potential. Despite not having invested in this token, Altcoin Sherpa finds its prospects surprisingly strong.
Ondo Finance (ONDO) Expected to Test Lower Levels Before Rebounding
The analyst cautions that Ondo Finance (ONDO), a project focused on tokenizing real-world assets (RWAs), is likely to test lower levels in the near term. Altcoin Sherpa predicts that ONDO could trade down to $1.10 before a significant bounce, reflecting a cautious but overall positive outlook from an RWA perspective.
BNB Expected to Retrace Before Continuing Uptrend
Finally, Altcoin Sherpa examines BNB, the utility token for the BNB Chain ecosystem. The analyst anticipates a pullback to key Fibonacci levels, targeting a lower entry around $600. This strategic retracement is seen as a precursor to continuing its upward trend.
Conclusion
Overall, Altcoin Sherpa’s analysis highlights the mixed conditions in the cryptocurrency market, with specific altcoins showing varied potential based on technical indicators and market dynamics. Investors are advised to stay patient, observe critical support levels, and prepare for both short-term volatility and potential long-term gains.
