A widely followed crypto strategist is updating his outlook on one red-hot artificial intelligence (AI) altcoin.
The pseudonymous crypto analyst Pentoshi tells his 707,100 Twitter followers that Fetch.AI (FET) is likely entering a consolidation phase after soaring 307% year-to-date.
[adinserter block="1"]“Update: mid-term resistance resisting. Guessing a week or so of some consolidation and chop for this on FET before anything more significant happens. Very strong move, so naturally profit taking occurring and coins changing hands.”
FET opened the year at $0.0922 and is trading for $0.375 at time of writing, after retracing from $0.3909.
Next up, the trader says Solana (SOL) will likely take out range highs before retracing to the $32 level to set up another move to the upside.
“SOL take out these equal highs at the top of the range and in next couple weeks likely a chance to refuel at the mid-range at $32.”
Solana is trading for $43.14 at time of writing, up more than 15% in the past 24 hours.
The trader also updates his outlook on Bitcoin (BTC) and predicts a new high of $37,000 this year before a dip down to a new support level at $33,000. He also believes Bitcoin will soar past $40,000 in early 2024.
“Short term think we see something like this for BTC.”
Bitcoin is trading for $35,304 at time of writing.
Lastly, the trader says that Ethereum (ETH) is setting the stage for a big move to the upside after crossing a key level at $1,821.
“ETH building into a breakout imo (in my opinion). Slowly grinding up, expecting momentum to pick up.”
Ethereum is trading for $1,845 at time of writing.
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