Trader Issues Warning on Ethereum-Based Altcoin That’s Soared Over 300% in a Month, Updates Outlook on Bitcoin
A widely followed crypto analyst is putting traders on notice regarding one Ethereum (ETH)-based Chainlink (LINK) rival.
The analyst and trader pseudonymously known as Altcoin Sherpa tells his 196,400 followers on the social media platform X that the decentralized oracle protocol Tellor Tributes (TRB) is setting up for a correction after rallying by slightly over 300% from mid-August.
“TRB: These crazy games are going to unwind eventually but this one had a big run given market maker activity. Looking for shorts around $40 – $45.”
In an attached chart, Altcoin Sherpa appears to be suggesting that Tellor Tributes could first rally toward the high of around $45 reached earlier this month before dropping to under $28.
Tellor Tributes is trading at $38.45 at time of writing.
Turning to Bitcoin (BTC), the pseudonymous trader says that the flagship crypto asset is primed to break above a key resistance level.
“BTC: This squiggly is coming through. $28,000 is coming, don’t fight it.”
Bitcoin is trading at $27,120 at time of writing.
On Bitcoin, crypto analyst Ali Martinez is also expressing a similar sentiment to Altcoin Sherpa. According to Martinez, BTC’s on-chain activity is currently suggesting the early stages of a bull run are underway.
“Bitcoin – A bull run is often characterized by increased on-chain activity!
This can be spotted when the monthly average of new wallets (red) surpasses the yearly average (blue), which indicates strengthened network fundamentals and increased use.
Notice that BTC on-chain activity is expanding despite stagnant prices, suggesting the BTC bull run may soon resume!”
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Author: Mark Emem
