A closely watched crypto strategist believes rallies are in store for one artificial intelligence-focused altcoin.
Pseudonymous analyst Altcoin Sherpa tells his 222,700 followers on the social media platform
The trader shares a chart that suggests FET could bottom around $1.10 before breaking through to $1.70.
“FET: underwater in these first entries; will lower it if it loses the four-hour exponential moving average of 200. Have more entries lower and will wait. I still think the chart looks good on lower time frames, but I also recognize that we are in a bullish trend on that one day. Lose €1.10 and I’m out.”
At the time of writing, FET is trading at $1.12, down over 9% on the day.
As for memecoin dogwifhat (WIF), the analyst thinks the Solana (SOL)-based altcoin will continue to trade in a wide range for the time being.
“WIF seems like a good support region, but I don’t think this region will reach the ATH (all-time high) anytime soon. I suspect we will continue to see more unrest and consolidation in this area. It is best to be patient.”
Based on the trader’s chart, he seems to predict that WIF will move between $1.40 and $2.20. At the time of writing, WIF is worth $1.48.
The trader is also keeping a close eye on the layer-1 protocol Injective (INJ). According to the analyst, INJ looks bearish after printing multiple lower highs (LHs).
“INJ I think the chart overall is still bearish and I don’t see an end to that yet. Lower highs across the board. Should bounce *somewhere*, but I don’t know where the real bottom is.
Personally, I doubt it will reach the former ATH this cycle, but I could be wrong.”
At the time of writing, INJ is worth $15.19, down more than 12% on the day.
Altcoin Sherpa also has a bearish stance on Ethereum (ETH) rival Near (NEAR).
“NEAR I still like this project overall, but it is still in a bearish market structure. It needs to break a high + print a higher low before we can consider any kind of reversal.”
At the time of writing, NEAR is worth $3.67, down more than 11% on the day.
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Generated image: Midjourney