A popular crypto analyst predicts that one of Ethereum’s competitors will have a positive future, while also sharing his thoughts on Bitcoin. In a recent strategy session, Altcoin Sherpa, a crypto trader with a large following, informs his 217,600 followers on social media platform X that the smart contract platform Fantom is showing signs of preparing for a period of healthy price movement. He explains that Fantom’s price is consolidating at a significant level and interacting with the 200-day exponential moving average. He expects the price to range between $0.50 and $0.70 for a while, forming a stable base, which he considers to be positive for the project. He mentions that Fantom’s pivot to Sonic further strengthens his belief in the project’s potential. At the time of writing, Fantom is trading at $0.564, representing a 2.5% gain in the last 24 hours.
Shifting the focus to Bitcoin, Altcoin Sherpa expresses concerns about the lack of follow-up after Bitcoin’s recent crash. He states that if he doesn’t see any significant developments in the next 24 hours, he will reduce his exposure to the cryptocurrency. He points out two key indicators that suggest Bitcoin lacks continued momentum. Firstly, he mentions a negative candlestick pattern on the 4-hour chart, indicating a potential reversal. Secondly, he highlights that the price is facing resistance at the 25-day exponential moving average on the 4-hour chart. Considering these factors, he advises traders to consider reducing their exposure to Bitcoin. Currently, Bitcoin is trading at $60,915, experiencing a slight increase over the past day.
In conclusion, Altcoin Sherpa provides his insights on both Fantom and Bitcoin. He believes that Fantom has the potential for healthy price movement and considers it a promising project, especially with its pivot to Sonic. However, he expresses concern about Bitcoin’s lack of follow-up after its recent crash, and as a result, he plans to lower his exposure to the cryptocurrency. Traders are advised to carefully evaluate their investments and conduct thorough research before making any high-risk decisions. The Daily Hodl, where Altcoin Sherpa’s opinions are featured, reminds readers that they should take responsibility for their own transfers and trades and that the publication does not offer investment advice.
