Sherpa

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 <p>A crypto trader is issuing a warning on a low-cap altcoin that has enjoyed triple-digit price appreciation in a month.</p>
 <p>Pseudonymous crypto analyst Altcoin Sherpa tells his 196,900 followers on the X social media platform that the decentralized applications (DApps) platform Loom Network (LOOM) is “on the way down” after experiencing “fast bull moves” over the past 30 days.</p>
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 <p>LOOM rose from its September 19th close of $0.0462 to a five-year high of $0.407 earlier this week.</p>
 <p>According to Altcoin Sherpa, LOOM could rise modestly over the short term before resuming the downtrend and inflicting “more pain” as it lacks “any support.”</p>
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F8rn8QNWEAACZnc?format=jpg&amp;name=4096x4096" alt="" width="1063" height="499">
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   Source: Altcoin Sherpa/X
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 <p>LOOM is trading at trading at $0.179 at time of writing, up by around 287% from its September 19th price of $0.0462.</p>
 <p>Turning to Bitcoin, Altcoin Sherpa says that he is bullish on the flagship crypto asset over the short term.</p>
 <p><i>“BTC: I think that this is going to go higher and fill out this inefficiency (price rising drastically and falling just as fast resulting in long candles and wicks). $30,200 is a one-million-dollar level. Funding negative, you know what that means…</i></p>
 <p><i>I still have zero clarity on where BTC is going in the midterm.”</i></p>
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F8qYuJxXIAEDxRL?format=jpg&amp;name=4096x4096" alt="" width="1063" height="499">
  <figcaption id="caption-attachment-190710" class="wp-caption-text">
   Source: Altcoin Sherpa/X
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 <p>A negative funding rate means there are more short positions than long positions on Bitcoin, which some traders perceive to be a bullish indicator.</p>
 <p>BTC is worth $28,420 at time of writing.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/trader-says-there-s-no-support-for-altcoin-that-s-exploded-over-285-in-a-month-predicts-more-pain-looming-tbt66943.html">https://thebittimes.com/trader-says-there-s-no-support-for-altcoin-that-s-exploded-over-285-in-a-month-predicts-more-pain-looming-tbt66943.html</a></p>

Trader Says There’s No Support for Altcoin That’s Exploded Over 285% in a Month, Predicts More Pain Looming

TheBitTimes

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