A widely followed crypto analyst says that one Ethereum (ETH) competitor is going to be decent moving forward while updating his outlook on Bitcoin (BTC).
In a new strategy session, crypto trader Altcoin Sherpa tells his 217,600 followers on the social media platform X that smart contract platform Fantom (FTM) appears to be gearing up for some “healthy price action.”
“FTM: price consolidating at a key level, interacting w. the 200-day exponential moving average (EMA). I expect a chop range to form between $.50 and $.70ish for a bit to form a base – this would be pretty healthy price action. I think that FTM is still going to be a decent project going forward with their pivot to Sonic.”
FTM is trading for $0.564 at time of writing, a 2.5% gain during the last 24 hours.
Moving on to the crypto king, the analyst says Bitcoin’s lack of a follow up after crashing earlier this month is a cause for concern.
“BTC: No follow up is a bit concerning…going to lower exposure in the next 24 hours if I don’t see anything happening.”
Sherpa goes on to say that traders should consider lowering their exposure to the top crypto asset by market cap as two key indicators hint that BTC has no continued momentum.
“BTC: Nasty candle on the 4h. 25 EMA on the 4h resistance and price can’t show continued momentum. Think about lowering exposure a bit, we’re not seeing much follow up.”
Bitcoin is trading for $60,915 at time of writing, a fractional increase during the last day.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney