Widely followed crypto trader Altcoin Sherpa predicts that a red-hot Dogecoin (DOGE) rival is about to undergo a serious market correction.
The pseudonymous analyst tells are 205,300 followers on social media platform X that Bonk (BONK) could soon drop to a much lower trading range.
However, he warns that the memecoin could rise even higher before the possible dip.
“BONK: You should probably consider getting out of here (or at least partially). Expect more downside. That said, I certainly wouldn’t short it; I think it could still reach $0.0000190 before more downsides occur. But I do believe that much lower levels will be tested later.”
Looking at his chart, the trader suggests that Bonk could soon enter a trading range with a lower limit of $0.0000100 and an upper limit of $0.0000140.
Bonk is trading at $0.0000147 at the time of writing, up 8.158% from three months ago.
Then the trader say he is optimistic about the Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB).
“ARB, what about this chart is bearish? I would enter from here up to $2 and assume this is a great entry. Still optimistic about the ETH beta for now.”
Arbitrum is trading at $2.30 at the time of writing, up almost 6% in the last 24 hours.
Finally, the trader believes that smart contract protocol Avalanche (AVAX) may retest the lower Fibonacci retracement levels and briefly dip below $30.
“AVAX: I suspect many of these projects will bounce at major fib levels. AVAX did it on the .382 ($34.13). Still think this one is trading a bit lower to be honest. It would be solid to get your hands on under $30.
Avalanche is trading at $37.46 at the time of writing, down more than 4% in the last 24 hours.
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