Get the scoop on finance - sign up for mobile alerts
Altcoins
| On
September 4, 2024

Crypto Trader Predicts Breakout Rally for FET, Updates Outlook on WIF and Two Additional Altcoins

By Henry Kanapi

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).

ADVERTISEMENT

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.”

Source: Altcoin Sherpa/X

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.

ADVERTISEMENT

“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.”

Source: Altcoin Sherpa/X

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.”

ADVERTISEMENT
Source: Altcoin Sherpa/X

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.”

Source: Altcoin Sherpa/X

At time of writing, NEAR is worth $3.67, down over 11% on the day.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix

&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney