A widely followed crypto analyst says an Ethereum (ETH) competitor will do well if he updates his view on Bitcoin (BTC).
In a new strategy session, crypto trader Altcoin Sherpa tells With its 217,600 followers on social media platform
“FTM: price consolidation at a key level, interaction with. the 200-day exponential moving average (EMA). I expect a chop range between $0.50 and $0.70 to form to provide a bit of a base – this would be some pretty healthy price action. I think FTM will still be a decent project with their spin on Sonic.”
FTM is trading at $0.564 at the time of writing, a gain of 2.5% over the last 24 hours.
We move on to the crypto king, the analyst say The lack of follow-up action for Bitcoin after the crash earlier this month is cause for concern.
“BTC: No follow-up action is a bit concerning… lowering exposure over the next 24 hours if I don’t see anything happening.”
Sherpa further says that traders should consider this to lower their exposure to the top crypto assets by market cap, as two key indicators suggest BTC lacks sustained momentum.
“BTC: Nasty candle on the 4th. 25 EMA at the 4h resistance and the price cannot show any sustained momentum. Think about lowering the exposure a bit, we don’t see much follow-through.”
Bitcoin is trading at $60,915 at the time of writing, up fractionally over the past day.
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Generated image: Midjourney