Crypto Analyst Altcoin Sherpa Warns of 'Recipe for Disaster' as Three Altcoins Flash Bearish Signals

Pseudonymous analyst Altcoin Sherpa warns his 218,900 followers on the social media platform Twitter that SUI, along with fellow smart contract platform Near (NEAR) and the AI-focused Artificial Superintelligence Alliance (FET) are trading in bear territory.

A crypto strategist with a large following believes that three altcoins, including the layer-1 project Sui (SUI), are currently experiencing a clear downtrend.

Pseudonymous analyst Altcoin Sherpa recently warned his 218,900 followers on the social media platform X that SUI, along with fellow smart contract platform Near (NEAR) and the AI-focused Artificial Superintelligence Alliance (FET), are trading in bear territory.

“The really scary thing is that we still have a long way to go for some of these coins. An unstable BTC environment coupled with supply unlocking (peep SUI) means a recipe for disaster for many of these coins.

Clear bearish market structure for many and has been like that for a while. Stay safe out there.”

The trader shared a chart of SUI, highlighting the altcoin's sharp decline from its all-time high of $2.17.

At the time of writing, SUI is valued at $0.575.

In another chart, the analyst seems to be suggesting that FET is displaying a series of bearish lower highs and lower lows.

At the time of writing, FET is trading at $0.921.

As for NEAR, the analyst's chart appears to indicate that the altcoin has printed two consecutive lower highs on its weekly chart

At the time of writing, NEAR is valued at $4.16.

While Altcoin Sherpa is bearish on these three altcoins, he remains long-term bullish on Bitcoin (BTC) and Ethereum (ETH). He also adds that the fourth quarters of each year have been historically bullish for crypto.

“BTC is still going to an all-time high (ATH) later this year and your shitcoins are going to *likely* be up multiples from today’s value.

Seasonality is a thing; Q4 and Q1 are splendid times. Don’t die before then.

ETH is still going to break ATH near guaranteed; still a trade that’s very high likelihood given ETF (exchange-traded fund).”

Bitcoin is trading at $55,939 at the time of writing, while ETH is valued at $2,352.

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