These 4 altcoins will slide 50% more if Bitcoin continues to fall
A top analyst believe 4 Ethereum competitors will face a bleak future if Bitcoin continues to drop in price.
According to Altcoin trader Sherpa, the native tokens of smart contract-enabled blockchains Solana (SOL), Avalanche (AVAX), Polkadot (DOT) and NEAR Protocol (NEAR) are all set to drop around 50% in value from current levels. if Bitcoin continues to trend lower.
“Really halving: DOT, SOL, AVAX, NEAR. If BTC falls again, these altcoins will slide another 50% from current levels. I still think the price will bounce shortly before that, but the demand areas are being tested a lot right now.”
DOT/USDT | Source: AltcoinSherpa
DOT is currently trading at $9.47.
The analyst then looks at SOL, which trades for $43.05 at press time.
SOL/USDT | Source: AltcoinSherpa
Altcoin Sherpa also considers AVAX, currently priced at $24.37.
AVAX/USDT | Source: AltcoinSherpa
Next up is NEAR Protocol, for $5.05 at the time of writing.
NEAR/USDT | Source: AltcoinSherpa
Bitcoin is currently hovering around $29,001, down more than 27% over the past 30 days.
Meanwhile, the analyst commented that TRX has some upside potential. Tron is a blockchain designed as a decentralized storage and distribution platform for digital entertainment and social media content.
Altcoin Sherpa said If the Bitcoin price “stable”, TRX could rise more than 40% from current levels as founder Justin Sun launches new initiatives.
Sun recently unveiled the USDD algorithmic stablecoin on the TRON blockchain, designed to be pegged 1:1 to USD. USDD currently has a market capitalization of around $601.9 million.
“TRX: One of the few coins that you can long, won’t do it in the current region but Justin Sun is pushing his coin higher. If BTC stabilizes, I think the price will go to $0.12.”
TRX/USDT | Source: AltcoinSherpa
TRX is trading for $0.08 at the time of writing.
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Minh Anh
According to Daily Hodl