A closely watched crypto trader warns that a controversial low-cap altcoin is likely to see more sell-off events despite its recent surge.
Pseudonymous Trader Altcoin Sherpa tells are 196,400 X followers that Worldcoin (WLD) remains in a downtrend despite moving up after retesting the .786 Fibonacci retracement level.
“WLD: Bounced right on the .786 Fib [$1.24]. Still wouldn’t buy this thing for the long haul; every rally should fade into oblivion. If you’re in this, please consider selling it and washing your hands clean of this shitcoin.
Worldcoin, a project co-founded by OpenAI’s Sam Altman, uses iris scanners to verify users’ identities. WLD is trading at $1.51 at the time of writing.
The trader is also weighing in on Bitcoin (BTC) after the crypto king abruptly plummeted along with the broader digital asset market.
He predicts Bitcoin will likely retest the $25,000 level before heading higher.
“BTC: Wait for the price to fill in this inefficiency a bit and test near the lows; somewhere around $25,000. After that, I expect the price to really bounce.
The analyst too say that Bitcoin can bounce out of the $25,000 range to retest later.
“The other way to play this kind of big downside is to wait for the price to test the lows again and long. So don’t go in right away if it’s grinding, wait for the grinding/breakdown/price to go back to near lows.
The analyst does not rule it out possibility that Bitcoin could form a bearish pattern after a bounce.
“If it’s clearly a bearish structure, then you just wait for the price to come back near the low/bounce and then we can comfortably short when it goes higher.”
Altcoin Sherpa highlights that Bitcoin’s macro uptrend is likely to be jeopardized if BTC bears manage to push the crypto king below $25,000.
“BTC: I don’t want the $25,000 area to break. This would confirm a lower low…
Be patient with your submissions, in my opinion. Do not hurry. Volatility expected for the next day.”
Bitcoin is trading at $26,064 at the time of writing, up 2.5% in the last 24 hours.
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