One widely respected analyst believes the Solana (SOL) rival is poised for a deep retracement after rising nearly 90% in just one month.
Pseudonymous analyst Altcoin Sherpa told his 205,800 followers that the underlying asset of layer-1 blockchain Sei (SEI) looks ripe for a 30% retracement.
According to the analyst, he feels “confident” that traders will have the opportunity to accumulate the altcoin at the 0.50 Fibonacci level around $0.48.
“The reason is that the first 0.382 Fibonacci area around $0.58 was already tapped earlier and it had a strong reaction. That said, I think we’ll eventually see lower levels. Personally, this is not a product I will purchase in the short term.”
As of this writing, SEI is trading at $0.679.
Looking at privacy-focused cryptocurrency project Manta Network (MANTA), traders believe the altcoin is likely to head lower.
“MANTA: Leveraging a new coin is probably a good idea for Binance. This product has a decent amount of TVL (Total Value Locked), but I personally wouldn’t buy it until it goes below $2.”
As of this writing, MANTA is trading at $2.24.
For Bitcoin (BTC), Altcoin Sherpa believes that BTC is likely to move below key psychological support at $40,000.
“BTC this area ($41,600) is currently still supported, but the next rising area will be $36,000. 200-day EMA (exponential moving average), 0.382 Fibonacci level/support and many confluences. I think it makes it very easy.”
As of this writing, BTC is worth $41,744.
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