Altcoin Sherpa Remains Bullish on Solana, Updates Outlook on Bitcoin and Altcoins
A popular crypto strategist, known as Altcoin Sherpa, has expressed his continued optimism for Solana (SOL) and provided updates on the outlook for Bitcoin (BTC) and several other altcoins. Altcoin Sherpa has a large following on social media, with over 212,000 followers on Twitter.
Solana Shows Strength After Retesting Fibonacci Retracement Level
Altcoin Sherpa believes that Solana is displaying strength in the market after retesting the $165 Fibonacci retracement level. While it remains to be seen if this was the bottom, Altcoin Sherpa hopes to see more ranging and another test of that level. Overall, Altcoin Sherpa maintains a bullish stance on Solana and predicts significant growth for the altcoin in 2024.
Bitcoin May Correct in the Short Term
Altcoin Sherpa suggests that Bitcoin may experience a correction to the $63,000 range in the short term. This prediction is based on a bearish pattern of lower high prices that Bitcoin has been exhibiting recently. However, Altcoin Sherpa remains bullish on Bitcoin in the long term and continues to hold a maximum long position.
Render Token Presents Accumulation Opportunity
The native asset of Render (RNDR), a decentralized marketplace for Graphics Processing Units (GPUs), may decline further before breaking out again, according to Altcoin Sherpa. He recommends accumulating RNDR at its current value and suggests scaling down from there to around $9.
Fantom Looks Promising for Short-Term Scalping
Altcoin Sherpa has turned bullish on Fantom (FTM) after it bounced at $0.91. He believes it is a decent area to buy for short-term scalping and notes that the chart for Fantom looks strong.
Beam Remains a Buy and Hold
Altcoin Sherpa expresses a positive outlook on Beam (BEAM), stating that it is still a buy and hold asset. While he didn’t add any more to his position recently, he maintains a bulk position in Beam and expects bullish growth for the asset going into 2024.
Hot Take: Altcoin Sherpa’s Insights on Crypto Market
Altcoin Sherpa provides valuable insights into the cryptocurrency market, offering predictions and updates on various altcoins. Here are the key takeaways from Altcoin Sherpa’s recent analysis:
- Solana (SOL) shows strength after retesting the $165 Fibonacci retracement level. Altcoin Sherpa remains bullish on Solana and expects significant growth in 2024.
- Bitcoin (BTC) may experience a correction to the $63,000 range in the short term due to lower high prices. However, Altcoin Sherpa maintains a bullish long-term stance on Bitcoin.
- The native asset of Render (RNDR) presents an accumulation opportunity before breaking out again. Altcoin Sherpa suggests scaling down from the current value to around $9.
- Fantom (FTM) is considered a decent area to buy for short-term scalping, as it has shown strength after bouncing at $0.91.
- Beam (BEAM) remains a buy and hold asset for Altcoin Sherpa, with expectations of bullish growth in the future.
Altcoin Sherpa’s insights provide valuable information for crypto enthusiasts looking to make informed investment decisions. It’s important to conduct further research and analysis before making any financial commitments.
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