Experienced crypto analyst Altcoin Sherpa has indicated a potential rise for the blockchain-based gaming platform Gala (GALA) and the decentralized blockchain platform focused on machine learning and artificial intelligence (AI), Bittensor (TAO). The analyst, who has identified target buying levels for both altcoins, also issued a warning for Ethereum (ETH) Layer 2 scaling solution Arbitrum (ARB).
Analyst Bullish on GALA and TAO
Altcoin Sherpa shared potential price movements and investment opportunities for GALA and TAO on his personal account on social media platform X. The analyst highlighted GALA’s potential to find support at significant Fibonacci retracement levels such as $0.053 and $0.046.
Emphasizing that GALA could bounce after reaching these levels, the analyst advised those looking for profitable investment opportunities to buy from the “green boxes” he marked on the price chart. At the time of writing, GALA, the 57th largest altcoin by market value, is trading at $0.0567.
Following GALA, Altcoin Sherpa also shared his analysis on Bittensor’s native asset TAO, expressing optimism for the long term despite short-term turbulence. He suggested that TAO could form a long-term bottom, making it an attractive investment opportunity with an average dollar cost in the range of $400-$500.
TAO is trading at $522.02, down over 7% in the last 24 hours at the time this article was prepared. With its current market value, TAO ranks as the 40th largest altcoin.
Issues a Downtrend Warning for Arbitrum (ARB)
On the other hand, Altcoin Sherpa spoke more cautiously about Arbitrum’s native asset ARB, a Ethereum Layer 2 scaling solution, noting potential downtrend signals from the altcoin’s price charts.
The analyst warned that ARB could potentially fall to $1.20 if there is no significant bounce. ARB is currently trading at $1.46, suggesting that further declines could be on the table if the analyst’s expectations materialize.
