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25 April 2024
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Trader Updates Outlook on Altcoin That’s Exploded Over 1,000% Year-to-Date, Maps Path Forward for Bitcoin

A widely followed crypto analyst and trader is offering his forecast on a digital token that represents physical and traditional financial assets or Real World Assets (RWA).

The trader pseudonymously known as Altcoin Sherpa tells his 213,700 followers on the social media platform X that crypto assets in the RWA category are still “strong”.

According to Altcoin Sherpa, the Ethereum (ETH)-based native token of a crypto project focused on real-world asset tokenization, Mantra (OM), is likely to fall further before resuming an uptrend based on Fibonacci retracement levels. In technical analysis, Fibonacci retracement levels are used to identify key support and resistance points, and by extension possible reversal points.

“I think that OM will probably cool just a bit and find some bottom either at the $0.60 area or the $0.50 area. These Fibonacci levels have shown to be interesting levels but I’d like to see some consolidation for a longer-term bottom on this one.”

Source: Altcoin Sherpa/X

OM is trading at $0.674 at time of writing, up by approximately 1,054% from the January 1st opening price of $0.0584.

Turning to Bitcoin (BTC), Altcoin Sherpa says that the 200 exponential moving average (EMA) in the four-hour timeframe has twice proved to be a reliable support zone for the price of the flagship crypto asset.

“BTC: you can keep things really simple and just bid the 200 EMA on the four-hour chart. the last time this thing was tagged (other than recently) was early February. This still remains a good bid for now in my opinion.”

Source: Altcoin Sherpa/X

Bitcoin is trading at $65,827 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Trader Updates Outlook on Altcoin That’s Exploded Over 1,000% Year-to-Date, Maps Path Forward for Bitcoin appeared first on The Daily Hodl.

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