A crypto analyst and trader with a large following is sharing positive sentiment about a competitor of Solana (SOL) and offering predictions about three altcoins.
The analyst, known as Altcoin Sherpa, tells his 215,200 followers on X that Sei (SEI), the native token of the layer-1 blockchain, could be a promising trade as it currently rests at a crucial level. According to his chart, SEI is positioned on the 0.618 Fibonacci retracement level and slightly below the 200 exponential moving average on the daily chart. Fibonacci retracement levels, which determine support and resistance levels, are based on Fibonacci numbers.
Altcoin Sherpa then discusses Pepe (PEPE), a memecoin. According to his chart, PEPE is slightly above the 200 exponential moving average and the 0.618 Fibonacci retracement level on the 12-hour chart. He notes that although PEPE appears concerning, many altcoins are at decent support levels and it remains to be seen if they will hold.
The analyst moves on to Ethena (ENA), the governance token of the decentralized finance protocol. He reveals that he has accumulated ENA as it sits just above the 0.50 Fibonacci retracement level, which marks a potential reversal point following a correction from the all-time high earlier this month. Altcoin Sherpa expresses his liking for this level and mentions that it hasn’t moved significantly considering the volatility of Bitcoin. He concludes by saying that it could either lead to a wreck or turn out to be a good move.
Lastly, Altcoin Sherpa discusses Celestia (TIA), a blockchain that facilitates the easy and affordable launch of decentralized networks. He believes that TIA is currently an attractive option for accumulation, as it has shown a strong recovery after a major market correction. He suggests considering a long position on TIA if one has the courage to do so.
In conclusion, the analyst shares his thoughts on these altcoins, providing insights into their current positions and potential trading opportunities. It is important for investors to conduct their own research and exercise caution before engaging in high-risk investments in the crypto market.
