An experienced crypto analyst believes that three altcoins, including Sui (SUI), are currently experiencing a significant downtrend.
Altcoin Sherpa, a pseudonymous analyst with a large following on X, has cautioned his 218,900 followers that SUI, Near (NEAR), and Artificial Superintelligence Alliance (FET) are currently in a bearish market.
“The concerning factor is that many of these coins still have a long way to drop. With the unstable BTC environment and supply unlocking, coins like SUI are at risk of a major downturn. The bearish market structure has been evident for some time now. Stay cautious.”
The analyst has shared a chart showing the sharp decline of SUI from its all-time high of $2.17.
Currently, SUI is valued at $0.575.
Another chart suggests that FET is displaying a pattern of bearish lower highs and lower lows.
Currently, FET is trading at $0.921.
Regarding NEAR, the analyst’s chart indicates that the altcoin has recorded two consecutive lower highs on its weekly chart.
Currently, NEAR is priced at $4.16.
Despite his bearish outlook on these altcoins, Altcoin Sherpa remains optimistic about Bitcoin (BTC) and Ethereum (ETH) in the long term. He also mentions that historically, Q4 of each year has been bullish for cryptocurrencies.
“BTC is expected to reach an all-time high later this year, and altcoins are likely to see significant gains. Seasonality plays a role, with Q4 and Q1 being favorable times. ETH is also poised to break its all-time high, especially with the introduction of ETFs.”
Bitcoin is currently trading at $55,939, while ETH is valued at $2,352.
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Generated Image: Midjourney