A closely watched analyst believes the crypto project’s native token, co-created by ChatGPT founder Sam Altman, appears poised for a serious correction.
Pseudonymous analyst Altcoin Sherpa tells his 196,400 X followers that he is bearish about Worldcoin (WLD), an artificial intelligence-based crypto project that uses iris scanning technology.
According to the trader, WLD is likely to witness an almost 40% devaluation from current prices, at least after losing the 0.618 Fibonacci level.
“WLD: Don’t buy this thing down to $1s and even then it’s just a buy for a quick bounce, nothing else. THIS IS NOT A LONG TERM INVESTMENT.”
At the time of writing, WLD is worth $2.03.
The crypto strategist also keeps an eye on the Solana (SOL) smart contract platform. Altcoin Sherpa says SOL is currently in an area of interest as it hovers close to its 200-day exponential moving average (EMA).
“SOL: It’s too hard to say which areas on the left are important, so you can use 200 days of EMA as a confluence of your levels. This is probably an area of interest right now and I think Solana will do well in the bull market. Not a bad idea to just buy and collect some.
At the time of writing, SOL is trading at $23.07 while the 200-day EMA sits at $22.62.
Next up is Maker (MKR), a token that backs the stablecoin Dai (DAI). Altcoin Sherpa says he wants to rally the token just above the 0.50 Fibonacci retracement level.
“MKR: My favorite setup, the Fib .50 retrace. Looking around $1000; psychological and should be close to these key levels. We have yet to determine whether this is over or not, but I think it will be a good buy.”
At the time of writing, MKR is worth $1,209.
The last altcoin on the trader’s radar is Rollbit Coin (RLB), the native asset of the crypto casino and exchange platform Rollbit. According to Altcoin Sherpa, RLB seems poised to move all the way up to its immediate resistance at $0.126.
“RLB: Taking 50% off here will make profits higher and leave a runner on this too. Despite all the FUD (fear, uncertainty and doubt) I still think it’s a $printer.”
At the time of writing, RLB is trading at USD 0.118.
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Image generated: Midway through the journey