An altcoin running on the Ethereum (ETH) blockchain appears to be on the verge of giving up a significant portion of its massive gains over the past two months, according to a widely followed analyst.
Pseudonymous analyst Altcoin Sherpa tells his 196,800 followers on the social media platformTRB) has likely ended its multi-month uptrend.
TRB, which rose from a low of $9.11 in mid-August to a high of $79 last week, appears to have exhausted all bullish momentum, according to the trader.
“TRB: I think that was the blow-off top. I expect this will eventually die and grind all the way back down.
Looking at the trader’s chart he seems to predict that the TRB will fall all the way to $32.
At the time of writing, TRB is trading at $59.68.
The crypto strategist is also keeping a close eye on the price action of Ethereum rival Avalanche (AVAX). According to the analyst, AVAX could bounce back following news that Avalanche-based social finance (SocialFi) protocol Stars Arena is live again after succumbing to a massive security breach last week.
“AVAX: long the Arena
Stars Arena comes back online + this whole area looks like a solid support region. Bullish in the short term.”
Based on the trader’s chart, he seems to predict that AVAX will rise to the $10.60 level.
At the time of writing, AVAX is trading at $9.39.
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Generated image: Midjourney