A prominent crypto strategist believes one altcoin focused on artificial intelligence will see an uptrend.
Altcoin Sherpa, a pseudonymous analyst, told his 222,700 followers on social media platform X that he was gathering together a federation of artificial intelligence superintelligence (FET).
The trader shared a chart showing that FET could bottom near $1.10 before breaking to $1.70.
“FET: Underwater on first entry. If it breaks the 200 EMA in 4 hours, I’ll cut it. There’s a lower entry and I’ll wait. The chart still looks good on lower time frames, but I also know it’s in a bullish trend for the day. If it breaks $1.10, I’ll get out.”
At the time of writing, FET was trading at $1.12, down 9% from the previous day.
Analysts are looking at Memecoin Dogwifhat (WIF), and believe that Solana (SOL)-based altcoins will trade in a wide range for the time being.
“WIF looks like a good support area, but I don’t think it’s likely to reach ATH (all-time high). I think there’s still more upside and consolidation around this area. It’s best to be patient.”
Based on the trader’s chart, he seems to be predicting that WIF will move between $1.40 and $2.20. At the time of writing, WIF is valued at $1.48.
The trader is also closely watching the Layer 1 protocol Injective (INJ), which according to the analyst looks bearish after printing several lower highs (LH).
“INJ, I think the chart is still bearish overall and there is no end in sight. There are lower highs across the board. It should bounce *somewhere* but I don’t know where the actual bottom is.
Personally, I don’t think we’ll reach the previous ATH in this cycle, but I could be wrong.”
At the time of writing, INJ was valued at $15.19, down more than 12% from the day’s value.
Altcoin Sherpa is also showing a bearish trend against Near (NEAR), a competitor to Ethereum (ETH).
“NEAR I still like the project overall, but it is still in a bearish market structure. It needs to break its high and make a higher low before considering a reversal.”
At the time of writing, NEAR was valued at $3.67, down more than 11% from the day’s value.
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