A veteran dealer recognized for well timed crypto calls says he’s bullish on one Solana (SOL) rival now that it’s displaying vital energy.
Pseudonymous dealer The Movement Horse tells his Telegram channel that he’s “default bullish” on the native asset of the layer-one blockchain Sei (SEI) following its clearance of a multi-month resistance across the $0.40 stage.
“It’s the weekend so identical to buying and selling volumes my posting volumes will likely be decrease, however check out SEI – I merely should be default bullish biased on issues like this.
Summer season vary damaged, retesting, I’ll simply add till confirmed in any other case. The invalidation is shut and this can be a key inflection level.”
For the reason that dealer’s submit, SEI has poked above the $0.50 earlier than correcting. At time of writing, SEI is price $0.469, up over 4% prior to now day.
Whereas the altcoin market has been performing nicely with most crypto belongings up within the final seven days, The Movement Horse warns that not all the pieces goes to maintain printing inexperienced candles.
In keeping with the dealer, sure altcoins like Dogecoin (DOGE) rival Shiba Inu (SHIB) are presenting improbable alternatives for brief sellers seeking to capitalize on overextended rallies. He shares a SHIB chart overlayed with open curiosity information, which is usually used as an indicator to gauge when markets are frothy.
“Watch out considering there aren’t any good quick alternatives anymore. Is SHIB quick right here? Perhaps, relying on if we’re nearer to a quick correction. Dropping the extent on a giant OI increase units up the bleed out potential.”
At time of writing, SHIB is buying and selling at $0.000019, down over 5% on the day.
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