The famous crypto strategist says that he is keeping a near and vigilant watch on Ethereum base altcoin which is going through the parabolic rally. The Pseudonymous crypto analyst of Altcoin Sherpa clearly warns 174,000 Twitter followers about KNC, shorting Kyber Network. Though, it is also trading near to the record highs and definitely this is not a great idea.
How does KNC impacts Altcoin
KNC: Don’t think that you wish to long and short during the thing in short term. It appears to be parabolic & also price discovery is unpredictable. With this mention, it is even going to be quite glorious and short finally. I will wait for breakdown.
The Kyber Network is also the decentralize, blockchain base exchange which focus on aggregating of liquidity as well as facilitating the instant swaps between the ERC-20 tokens. However, at time of writing, the KNC is exchanging their hands for almost $4.83.
Other token on trader’s list is the APRE also known as ApeCoin. It is the altcoin for Bored Ape Yacht Club and the NFT token community. Here, Altcoin Sherpa also predicts that the APE will also print the all-time highs. It is also possibly going to break all the time highs with overall land sale. However, it is even the sell-the-news with the period soon. The complete area with upcoming is quite dangerous area from the technical perspective. However, the fundamentals are crucial now.
Other is the ETH or Ethereum competitor along with the AVAX or Avalanche. As per the Altcoin Sherpa, AVAX is yet quite bullish on the high timeframes rather than their sharp & corrective move.
Here AVAX, it is yet a perfect kind of the range however, even technically the bullish market structure till it holds low. I think it is pretty well till BTC holds them up.
The other important coin at the radar of Altcoin Sherpa’s is LooksRare also known as LOOKS. As per analyst, LOOKS is mainly at the risk of almost 16% of pullback. It is trading below the support level.