The cryptocurrency market is heading to end the week at a low. Bitcoin, for example, is below $30,000 with a daily loss of 1.2%. However, amidst this not very optimistic short-term scenario, the cryptocurrency analyst known as Altcoin Sherpa listed on his Twitter account four cryptocurrencies listed on the Binance exchange that may appreciate in value soon.
To his more than 200,000 followers, Sherpa pointed out that SUI, HOOK, EDU and ARKHM tokens, which are available on Binance Launchpad, can be good investment options.
As the analyst highlighted, these four crypto assets are at an important Fibonacci retracement point that could indicate a bullish:
“Looking at some of these Binance Launchpad projects and the 0.786 fib [fibonacci] and the reactions…hmm… SUI, HOOK, EDU and ARKM”, tweeted he.
Cryptocurrencies that can go up
According to the analyst, the 0.786 Fibonacci retracement level has been a serious reaction point for HOOK and SUI in particular.
“O [nível de retração de Fibonacci] of 0.786 showed decent reactions to both HOOK and SUI. I’m sure there are other coins like these out there – look for slow price action to the downside followed by a good reaction,” he said.
However, the analyst pointed out that Bitcoin’s price action “will be the biggest driver for all shitcoins.” That is, Bitcoin needs to appreciate for other cryptocurrencies, including those with low intrinsic value (shitcoins), to appreciate.
BTC price dropped below $30,000 this Friday (21) and is trading at $29,850. In the last week, BTC has retreated by 4.2%, according to data from CoinGecko. Still, the largest cryptocurrency on the market is up around 80% for the year.
Meanwhile, the SUI cryptocurrency is priced at $0.68 having lost around 4% in the last week. HOOK, in turn, retreated more than 10% in the month period and is costing US$ 1.05. the EDU token dropped nearly 12% to $0.63.
Finally, ARKM, a token recently launched on July 18, is priced at $0.62, having appreciated more than 4% in the last 24 hours.
