Renowned cryptocurrency analyst Altcoin Sherpa has stated that a competitor of Ethereum (ETH) is poised to perform well as it updates its outlook on Bitcoin (BTC).
During a recent strategy meeting, cryptocurrency trader Altcoin Sherpa informed his 217,600 followers on social media platform X that the smart contract platform Fantom (FTM) appears to be preparing for some “healthy price action.”
“FTM: Consolidating at a key level, interacting with the 200-day Exponential Moving Average (EMA). I expect a range between $0.50 and $0.70 to form a base – this would be a very healthy price action. I believe FTM will still be a good project as they move towards Sonic.”
Source: Altcoin Sherpa/X
At the time of writing, FTM’s trading price stands at $0.564, with a 2.5% increase in the past 24 hours.
Regarding the king of cryptocurrencies, the analyst expressed concerns about Bitcoin’s lack of follow-through action after its crash earlier this month.
“BTC: Concerning lack of follow-through… If I don’t see anything happen, I will reduce exposure in the next 24 hours.”
Sherpa went on to suggest that traders should consider reducing exposure to top-tier crypto assets by market capitalization, as two key indicators suggest that BTC lacks sustained momentum.
“BTC: Annoying candle on the 4-hour. Resistance at the 25-hour moving average and price not showing sustained momentum. Consider reducing risk exposure, we haven’t seen much follow-through.”
Source: Altcoin Sherpa/X
At the time of writing, Bitcoin’s trading price is $60,915, with a slight increase in the past day.
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