A closely followed crypto strategist believes that rallies are in store for one artificial intelligence-focused altcoin.
Pseudonymous analyst Altcoin Sherpa tells his 222,700 followers on the social media platform X that he’s accumulating Artificial Superintelligence Alliance (FET).
The trader shares a chart suggesting that FET could carve a bottom at around $1.10 before breaking out to $1.70.
“FET: underwater on these first entries; going to cut it if it loses the 200 exponential moving average on the four hour. Have more entries lower and will wait. Still think the chart looks decent on lower time frames but I also recognize we’re in a bullish trend on the one day. Lose $1.10 and I’m out.”
At time of writing, FET is trading for $1.12, down over 9% on the day.
Turning to memecoin dogwifhat (WIF), the analyst thinks the Solana (SOL)-based altcoin will continue to trade in a wide range for now.
“WIF seems decent as a support region but I don’t think this one hits ATH (all-time high) anytime soon. Guessing we still see more chop and consolidation around this area. Best to be patient.”
Based on the trader’s chart, he seems to predict that WIF will move between $1.40 to $2.20. At time of writing, WIF is worth $1.48.
The trader is also keeping a close watch on the layer-1 protocol Injective (INJ). According to the analyst, INJ looks bearish after printing multiple lower highs (LHs).
“INJ I think that the chart is still bearish overall and I don’t see an end to that quite yet. Lower highs across the board. Should bounce *somewhere* but I don’t know where the real bottom is.
Personally, I doubt it reaches former ATH this cycle but I could be wrong.”
At time of writing, INJ is worth $15.19, down over 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’s still in a bearish market structure. It needs to break a high + print a higher low before we can consider any sort of reversal.”
At time of writing, NEAR is worth $3.67, down over 11% on the day.
Generated Image: Midjourney