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Trader updates outlook on altcoin that has exploded over 1,000% since the start of the year, highlighting the path ahead for Bitcoin

A widely followed crypto analyst and trader offers his prediction for a digital token that represents physical and traditional financial assets, or real world assets (RWA).

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

According to Altcoin Sherpa, Mantra (OM), the Ethereum (ETH)-based native token-of-crypto project focused on tokenizing real-world assets, is likely to continue falling before resuming an uptrend based on Fibonacci retracement levels initiates. In technical analysis, Fibonacci retracement levels are used to identify important support and resistance points and therefore possible reversal points.

“I think OM will likely cool down a bit and find a bottom in either the $0.60 area or the $0.50 area. These Fibonacci levels have proven to be interesting levels, but I would like to see some consolidation for a longer-term bottom in this area.”

Source: Altcoin Sherpa/X

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

When it comes to Bitcoin (BTC), altcoin Sherpa says that the 200 exponential moving average (EMA) has proven to be a reliable support zone for the price of the flagship crypto asset twice on the four-hour time frame.

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

Source: Altcoin Sherpa/X

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

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of 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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