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A widely followed crypto strategist believes that one Ethereum (ETH) rival could have a strong performance this year.
Pseudonymous analyst Altcoin Sherpa tells his 214,300 followers on the social media platform X that Fantom (FTM) could soar more than 15% from its current value.
“FTM: I think this is still a very solid coin and should do well in 2024 given their treasury. That said, would like to see consolidation for a longer-term bottom forming. Expecting that level to be $0.83 or $0.70. Still bullish and I have a bag.”
Looking at his chart, the trader suggests Fantom could dip to the Fibonacci retracement level around $0.80 before rallying to $1.15.
Fantom is trading for $1.02 at time of writing, up nearly 9% in the last 24 hours.
Next up, the trader predicts Ethena (ENA), a governance token launched by Ethena Labs for the project’s DeFi protocol, will break out after a period of consolidation around the $1.24 level.
“ENA first reaction. I think that we’re going to consolidate and then leg up.”
Ethena is trading for $1.22 at time of writing, up 4.6% in the last 24 hours.
Moving on, the trader expects a retracement before a move to the upside for Core (CORE), a layer-1 blockchain that leverages the advantages of Bitcoin’s (BTC) proof-of-work network.
“CORE: this one is chilling after having a crazy run. I think that this current .50 area around $2.50 all the way down to $2 seems reasonable to start buying. Expecting BTC ecosystem projects to do pretty well for the next 12-18 months.”
Core is trading for $2.37 at time of writing, down more than 11% in the last 24 hours.
Lastly, the trader says he remains bullish on the crypto project focused on real-world asset (RWA) tokenization, Mantra (OM).
“OM: I always thought that $0.50 would be a great buy but it hasn’t come (yet). A bit of a scary area here but I’m still bullish on this one as a RWA play (I have a bag).”
OM is trading for $0.81 at time of writing, up more than 4% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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