Analyst Predicts Brand New Altcoin Will ‘Do Pretty Well’, Updates Outlook on Bitcoin, Avalanche and Celestia

February 23, 2024

A popular crypto trader believes one recently launched gaming altcoin has a lot of upside potential.

The pseudonymous analyst known as Altcoin Sherpa tells his 207,800 followers on the social media platform X that the Web3 gaming altcoin Pixels (PIXEL) will likely bounce from its current value.

“PIXEL: I think this is a good trade but one you should take with spot. The reason is that I am fairly confident this will do pretty well; most new coins are doing so (low float/market-makers will pump/etc). It’s also a Binance launchpad project so I expect good things.

However, more downsides are certainly possible so you should be able to eat a drawdown, something that’s hard for most people to do while levered up. I think you just buy spot here, DCA (dollar cost average) down lower and then wait a week or two and sell it way higher. One where there are difficult entries/exits, maybe $0.49 again.”

Looking at the trader’s chart, he suggests that PIXEL would likely remain trading above the support level of $0.46.

PIXEL is trading for $0.49 at time of writing, down nearly 8% in the last 24 hours.

Next up, the trader warns that Ethereum (ETH) competitor Avalanche (AVAX) may be forming a bearish pattern.

“I’m not saying this is happening but it’s going to be important to see where the next overall low is printed for some of these altcoin charts. Peep coins like AVAX: If this was a recent lower high and we hit a lower low (see $26 get taken out), I think it could be scary overall.”

AVAX is trading for $35.64 at time of writing, down more than 4% in the last 24 hours.

The trader also says that Bitcoin (BTC) remains in an upward trend, but alts may start consolidating or dip.

“BTC/ everything is still HTF (high timeframe) bullish market structure. But seeing some sort of longer consolidation/bottom forming would be healthy and somewhat expected for the next few weeks/months for some of these alts.“

Lastly, the trader believes it may be a while before there is a break out for Celestia (TIA), a blockchain built to enable anyone to launch their own decentralized networks at minimal cost.

“TIA: 40-plus days of consolidation, just chilling. Not a great active trade; more just buy it and hold it for more upside. Going to probably pass on buying at this level personally.”