A seasoned trader recognized for his timely crypto predictions is optimistic about a competitor to Solana (SOL) now that it’s exhibiting notable strength.
The anonymous trader known as The Flow Horse informs his Telegram followers that he is “default bullish” on the native asset of the layer-one blockchain, Sei (SEI), after it has successfully broken through a multi-month resistance around the $0.40 mark.
“As it’s the weekend, my posting frequency will be less, similar to trading volumes, but do check out SEI – I can’t help but maintain a bullish outlook on this.”
“Summer range has been breached, it’s currently retesting, and I plan to add to my position unless proven otherwise. The invalidation point is near, marking this as a crucial inflection point.”
Since the trader’s remarks, SEI has risen above $0.50 before experiencing a correction. As of now, SEI is valued at $0.469, reflecting an increase of over 4% in the last 24 hours.
While the altcoin market has been thriving with most crypto assets gaining value over the past week, The Flow Horse cautions that not every asset will continue to experience upward momentum.
According to the trader, specific altcoins like Dogecoin (DOGE) competitor Shiba Inu (SHIB) are presenting excellent opportunities for short sellers who want to benefit from overextended rallies. He provides a SHIB chart overlaid with open interest data, commonly used as an indicator to assess when markets might be overinflated.
“Exercise caution in assuming that there are no viable short opportunities left. Is SHIB a strong short here? Possibly, but it depends on whether we are nearing a short correction. Losing that level with a significant increase in OI could trigger a potential downturn.”
Currently, SHIB is trading at $0.000019, down more than 5% for the day.
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Disclaimer: The views expressed in The Daily Hodl are not financial advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transactions and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor. Additionally, The Daily Hodl participates in affiliate marketing.
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