Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO
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.
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