Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO
A widely followed crypto strategist is predicting a rise for an AI-focused token as he updates his forecast for Ethereum (ETH) and Lido DAO (LDO).
Alias analyst Altcoin Sherpa tells his 187,800 Twitter followers that Fetch.ai (FET), a platform that aims to merge artificial intelligence and blockchain, is showing strength based on its 200-day exponential moving average (EMA).
However, the trader adds that he expects the FET to make a slight decline before breaking out.
“FET: looks strong in the short term, right at the top of the country. The 200-day EMA was projected to be a strong resistance, but I wouldn’t be surprised if we see a small pullback and then break through it. The AI narrative may yet continue.”
Source: Altcoin Sherpa/Twitter
At the time of writing, FET is changing hands at $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 is likely to test its EMAs as support, but notes that the smart contract platform’s medium-term movements are unclear.
“ETH: I’m not really sure, the price is 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 a good short term entry. The medium-term trend is still unknown.”
Source: Altcoin Sherpa/Twitter
At the time of writing, Ethereum is trading at $1,267.
Recently, Altcoin Sherpa says bullish continuation is on the horizon for LDO as the liquid staking protocol cleared its resistance at $1.41.
“LDO: Few different scenarios for LDO. Maybe a pullback first before breaking this current zone.
If BTC breaks the bed, that too goes all the way.”
Source: Altcoin Sherpa/Twitter
At the time of writing, LDO is changing hands for $1.51, suggesting upside potential of over 12% for the altcoin if it hits Altcoin Sherpa’s target of $1.70.
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