A widely followed crypto strategist believes rallies are ahead for an artificial intelligence-driven altcoin.
Pseudonymous analyst Altcoin Sherpa tells his 222,700 followers on social media platform X that he is accumulating Artificial Superintelligence Alliance (FET).
The trader shares a chart suggesting that FET could make a bottom around $1.10 before breaking above $1.70.
“FET: Underwater on these early entries; I’ll cut it if it loses the 200 exponential moving average on the four-hour. There are more entries lower and I’ll wait. I still think the chart looks decent on shorter time frames, but I also recognize that we’re in a one-day uptrend. Lose $1.10 and I’m out.”
At the time of writing, FET is trading at $1.12, down more than 9% on the day.
As for memecoin dogwifhat (WIF), the analyst believes the Solana (SOL)-based altcoin will continue to trade in a wide range for the time being.
“WIF looks like a decent support region, but I don’t see this one hitting the ATH anytime soon. I suspect we’ll see some more volatility and consolidation around this area. It’s best to be patient.”
Based on the trader’s chart, he seems to predict that WIF will trade between $1.40 and $2.20. At the time of writing, WIF is trading at $1.48.
The trader is also closely monitoring Layer 1 protocol Injective (INJ). According to the analyst, INJ appears bearish after posting multiple lower highs (LH).
“INJ I think the chart is still bearish overall and I don’t see the end of this trend yet. Lower highs across the board. It should bounce *somewhere* but I don’t know where the real bottom is.
Personally, I doubt it will reach the old ATH this cycle, but I could be wrong.
At the time of writing, INJ is trading at $15.19, down more than 12% on the day.
Altcoin Sherpa also has a bearish stance on its Ethereum (ETH) rival, Near (NEAR).
“I still like this project overall, but it’s still in a bear market structure. It needs to break a higher top and post a higher low before we can see any sort of reversal.”
At the time of writing, NEAR is trading at $3.67, down more than 11% on the day.
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Image generated: Midjourney
