Open Campus

Token

Sherpa

Hooked Protocol

<p style="text-align: justify;">Famous crypto analyst and trader, <a href="https://en.coin-turk.com/optimism-op-upgrade-unveils-cost-reduction-whats-the-impact-on-prices/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Altcoin</a> Sherpa, has issued a warning that the GMX token, which is associated with the decentralized cryptocurrency exchange GMX, could experience a sharp decline after its strong performance at the beginning of the year. The analyst also shared updated expectations for <a href="https://en.coin-turk.com/expert-crypto-commentator-cryptocurrencies-will-peak-on-this-date/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) and four altcoins that they closely follow.</p> 
<h2 style="text-align: justify;" id="strong-decentralized-exchange-expects-gmx-token-to-collapse-strong"><strong>Decentralized Exchange Expects GMX Token to Collapse</strong></h2> 
<p style="text-align: justify;">Altcoin Sherpa has warned that the GMX token of the decentralized cryptocurrency exchange could potentially experience a 20% decline. GMX had previously seen a significant increase of over 143%, reaching a high of $91.40 from $37.50, but it is currently trading at $50.68.</p> 
<p style="text-align: justify;"><img decoding="async" class="aligncenter size-full wp-image-239226" src="https://coin-turk.com/wp-content/uploads/2023/07/GMX-Altcoin.png" alt="" width="2475" height="1227"></p> 
<p style="text-align: justify;">The analyst expects GMX to underperform the rest of the market in the medium term, hitting a bottom around $40 and then entering a consolidation phase with sideways movement for a while.</p> 
<p style="text-align: justify;">Altcoin Sherpa is also closely monitoring four other altcoins, including Sui (SUI), Hooked Protocol (HOOK), Open Campus (EDU), and Arkham (ARKM). The market expert has warned that all of these altcoins are expected to return to the 0.786 level of the Fibonacci Correction Levels, indicating a potential downturn.</p> 
<p style="text-align: justify;">According to the analyst, once the altcoins reach the 0.786 Fibonacci level, they are anticipated to rebound. Altcoin Sherpa particularly draws attention to <a href="https://en.coin-turk.com/big-bitcoin-announcement-from-binance-now-available/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> launchpad projects HOOK and SUI, expecting these altcoins to have very positive reactions from the 0.786 Fibonacci level.</p> 
<h2 style="text-align: justify;" id="strong-critical-support-level-for-bitcoin-29-500-strong"><strong>Critical Support Level for Bitcoin: $29,500</strong></h2> 
<p style="text-align: justify;">After analyzing GMX, Altcoin Sherpa also addressed Bitcoin, stating that despite the expectation of a significant decline, the fact that the largest cryptocurrency is hovering around $29,500 suggests the possibility of a bounce rather than a downturn. The analyst does not anticipate a drop as long as the price remains above the $29,500 support level.</p> 
<p style="text-align: justify;"><img decoding="async" class="aligncenter size-full wp-image-239228" src="https://coin-turk.com/wp-content/uploads/2023/07/BTC-Bitcoin-Analiz-Fiyat.jpeg" alt="" width="2475" height="1227"></p> 
<p style="text-align: justify;">Furthermore, Altcoin Sherpa emphasized that Bitcoin’s performance will have a significant impact on the overall performance of altcoins, highlighting that $29,500 is an important support level that should be maintained for altcoins as well.</p> 
<h5>The post <a href="https://en.coin-turk.com/crypto-analyst-warns-of-potential-collapse-for-certain-altcoins/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto Analyst Warns of Potential Collapse for Certain Altcoins</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS.</a></h5>

Crypto Analyst Warns of Potential Collapse for Certain Altcoins

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