As the crypto market struggles to maintain its upward momentum, it has started to lose ground. The leading cryptocurrency, Bitcoin, has fallen to around $56,000, and the altcoin market shows mixed signals. Analysts are not particularly optimistic for September, viewing it as a period of consolidation before a potential rally later. A well-followed analyst recently updated his outlook on three tokens, stating that they are currently on a downward trajectory but may present opportunities soon.
OM is Strong, But Analyst Expects a Dip for Now
As covered by The Bit Journal, when the market lost its upward momentum, the bears took control, driving the entire market, including Bitcoin, into a downtrend. Amidst this decline, the crypto analyst known as Altcoin Sherpa stated that the RWA Blockchain MANTRA (OM) is a “strong project,” but he expects further downside in the short term. The analyst noted:
“OM is still trading within the same range and is holding up better than most other altcoins. I still believe in RWA for this cycle, but we’ll see more downside before the next leg up.”
At the time of writing, OM was trading at $0.91, down 5% on the daily chart. Despite this, the token has experienced a 4000% surge from its low of $0.023 on December 4th.
Altcoin Sherpa: Patience is Key for WIF!
The analyst then shifts his focus to dogwifhat (WIF), a Solana-based meme coin. Altcoin Sherpa noted that WIF is in a “good” support zone but is unlikely to reach its all-time high anytime soon. He said:
Advertisement Banner
“I expect to see more consolidation and chop in this area (between $1.44 and $1.96). Patience is the best approach here.”
When writing, WIF was trading at $1.59, up 6.7% on the daily chart, but still down 67% from its ATH of $4.83 reached in March.
“INJ’s Chart Shows a Never-Ending Downtrend!”
Lastly, the analyst reviewed Injective (INJ), a layer-one blockchain. According to Altcoin Sherpa, INJ’s daily chart shows a continuous downtrend with no signs of recovery. He explained:
“Lower highs across the board. It should bounce somewhere, but I don’t know where the bottom is. I doubt this cycle will see a return to the previous all-time high, but I could be wrong.”
At the time of writing, INJ was trading at $17.04, up 5.86% on the day but still down 67% from its ATH of $52.62 on March 14th.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
