The crypto market is still experiencing a drawn-out lull after an impressive rally but one trader has painted a bullish picture for a couple of altcoins in the market. The trader puts the likes of SUI, ARB, and BLUR in their analysis, giving them a high likelihood of a rally.
50% Upside Possible For ARB, SUI, And BLUR
Taking to Twitter, a pseudonymous crypto trader known as Altcoin Sherpa told his almost 196,000 followers that he is expecting significant upside for some coins including SUI, ARB, and BLUR. According to Sherpa, many altcoins including the ones mentioned are already marking a bottom, which could point to a short-term reversal for them.
The charts posted alongside the tweet showed similarities across the 25-day, 55-day, and 89-day EMAs of these altcoins, all pointing to a similar moving trend for all of them. If Altcoin Sherpa’s analysis is correct, the ARB, BLUR, and SUI could all move at least 50% higher than their current prices.
I still think that many alts are short term bottoming. To be determined if this is any sort of trend reversal; I personally doubt it. Still, I think a 20-50% move up for many of these is coming (maybe further downside after that, though). $ARB $SUI $BLUR (I own some BLUR) pic.twitter.com/nQvHRByLq6
— Altcoin Sherpa (@AltcoinSherpa) May 23, 2023
However, it is not all good news according to Sherpa’s analysis. While he does see bullish sentiment for these altcoins in the short term, he cautions that they could be followed by a dump right after. In the case of BLUR, it could be due to the coin unlocks that are set to take place next month.
Nevertheless, a 50% move from here for these three assets would not be localized to them alone. As such, it would be a welcome development for the rest of the crypto market given that all of the market is likely to move up in tandem with large assets like Bitcoin for this to happen.
What Does The Crypto Market Say?
Presently, the general crypto market sentiment is at a stalemate, leading to the muted movement that is being recorded across the space price-wise. With the Fear & Greed Index sitting at a neutral 50, there is mostly reluctance among investors to make a move.
Total market cap falls below $1.1 trillion | Source: Crypto Total Market Cap on TradingView.com
What this provides is either a bounce point for bulls for further upside, or it gives bears the time to mount adequate resistance. The former would see prices increase rapidly if that were the case. However, the latter could propel the crypto market into another crash, sending Bitcoin back to the $25,000 region.
If a crash happens, then this forecast for SUI, ARB, and BLUR could be invalidated very quickly. Unless there is a switch in investor sentiment into greed, such a development could send assets in the space to new local highs.