Three Cryptocurrencies That May Face a Potential Decline
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A well-known crypto strategist believes that three altcoins, including the Layer-1 project Sui (SUI), are currently in a significant downtrend.
Altcoin Sherpa has expressed concern about SUI, the smart contract platform Near (NEAR), and the AI-focused project Artificial Superintelligence Alliance (FET), indicating they are all experiencing bearish conditions.
Sherpa points out that these coins face challenges due to a volatile Bitcoin environment and ongoing supply releases, which could further impact their performance. He advises caution, noting that many of these assets are entrenched in a downward market trend.
Currently, SUI is priced at $0.575, down from its peak of $2.17. FET is trading at $0.852 and shows signs of bearish patterns with lower highs and lows. NEAR, valued at $3.59, has recently displayed two consecutive lower highs on its weekly chart.
Despite his bearish outlook on these altcoins, Sherpa remains optimistic about Bitcoin (BTC) and Ethereum (ETH) in the long term. He expects BTC to reach new all-time highs later this year and predicts significant gains for other cryptocurrencies in the fourth quarter, citing historical trends and potential ETF impacts on Ethereum.
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