A widely followed crypto strategist is predicting a surge for one AI-focused token while updating his forecast for Ethereum (ETH) and Lido DAO (LDO).
Pseudonymous analyst Altcoin Sherpa tells his 187,800 Twitter followers that Fetch.ai (FET), a platform that aims to bring together artificial intelligence and blockchain, is showing strength based on its 200-day exponential moving average (EMA).
However, the trader adds that he expects FET to take a slight dip before breaking out.
“FET: looks strong in the short term, right at the local top. 200-day EMA provided to be strong resistance, but I wouldn’t be surprised if we see a small pullback and then we break through it. AI narrative still might be going.”
At time of writing, FET is changing hands for $0.124, up over 15% on the day but still below Altcoin Sherpa’s resistance level of $0.131.
Next, the crypto strategist predicts that Ethereum will likely test its EMAs as support, but notes the smart contract platform’s mid-term moves are unclear.
“ETH: Not really sure, price kind of in no man’s land. I think a small move down (ie. 2% or something) to test some of the EMAs would be logical/make for a good short-term entry. Mid-term trend is still unknown.”
At time of writing, Ethereum is trading at $1,267.
Lastly, Altcoin Sherpa says bullish continuation is in sight for LDO after the liquid staking protocol took out its resistance at $1.41.
“LDO: Few different scenarios for LDO. Maybe a pullback first before breaking this current area.
If BTC shits the bed, this just goes all the way back down too.”
At time of writing, LDO is changing hands for $1.51, suggesting an upside potential of over 12% for the altcoin should it hit Altcoin Sherpa’s target of $1.70.
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 loses 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.
Featured Image: Shutterstock/Natalia Siiatovskaia
Generated Image: Midjourney