A prominent cryptocurrency analyst, known as Altcoin Sherpa, has flagged a worrying trend for three specific altcoins: Sui (SUI), Near (NEAR), and Artificial Superintelligence Alliance (FET). Despite his long-term optimism, he notes that these assets are currently experiencing a significant downtrend.
Why Are SUI, NEAR, and FET Struggling?
Altcoin Sherpa took to the social media platform X to highlight the bearish market conditions affecting SUI, NEAR, and FET. According to him, the instability of Bitcoin (BTC) and market developments, such as the unlocking of SUI’s supply, have exacerbated the downward trend. Investors are advised to exercise caution as these assets continue to navigate a challenging market environment.
SUI, for instance, has plummeted from its all-time high of $2.17 to a current trading price of $0.575. Similarly, FET shows a pattern of lower highs and lower lows, trading at $0.921. NEAR’s weekly chart also reveals two consecutive lower highs, with its price standing at $4.16. Despite these challenges, Altcoin Sherpa remains bullish on Bitcoin (BTC) and Ethereum (ETH) over the long term.
Can the Fourth Quarter Reverse Trends?
The analyst emphasizes that the fourth quarter of each year has historically been a positive period for the cryptocurrency market. He believes that Bitcoin (BTC) will set new records and that many altcoins could experience a significant rise from their current values. Additionally, he points out that the fourth and first quarters are critical periods for market performance, with Ethereum (ETH) likely to benefit from the introduction of a spot ETF (exchange-traded fund).
Key Takeaways for Investors
Altcoin Sherpa’s analysis offers several actionable insights for investors:
- Monitor Bitcoin (BTC) and Ethereum (ETH) closely, as they may set new records.
- Exercise caution with SUI, NEAR, and FET due to their current bear market status.
- Consider the historical performance of cryptocurrencies in the fourth and first quarters.
- Stay informed about market developments such as the unlocking of altcoin supplies.
- Watch out for the impact of new financial instruments like Ethereum’s spot ETF.
In summary, while short-term trends for SUI, NEAR, and FET appear bleak, the broader cryptocurrency market may offer opportunities for growth, particularly in the upcoming quarters. Investors should stay vigilant and informed to navigate these tumultuous times effectively.