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Altcoin Sherpa, known as an anonymous experienced crypto analyst and trader, emphasized the ongoing strength of Mantra (OM), a leading altcoin project in the tokenization of real-world assets (RWA). The analyst also shared his latest observation on Bitcoin (BTC).
Hopeful Signs for Mantra (OM)
Crypto analyst Altcoin Sherpa shared technical analysis and predictions for various altcoins, including those in the RWA category, from his personal X account. The analyst focused particularly on Ethereum-based Mantra, an altcoin project specialized in the tokenization of RWAs, and its mainnet asset OM.
According to the analyst, OM is likely to experience a temporary decline before continuing its upward trajectory, based on Fibonacci retracement levels. These levels are commonly used in technical analysis to identify significant support and resistance points as well as potential trend reversal areas.
Altcoin Sherpa assesses that OM could go through a consolidation phase and find support at the $0.60 or $0.50 levels as indicated by the Fibonacci retracement levels. Despite the expected consolidation, OM is currently trading at $0.674, showing remarkable performance. The current price levels represent an astonishing 1,054% increase from the January 1st opening price of $0.0584.
Bitcoin Expected to Rally with Support from the 200 EMA
Following OM, Altcoin Sherpa shifted his focus to Bitcoin, highlighting the reliability of the four-hour 200 exponential moving average (EMA) as a support zone for the largest cryptocurrency’s price. Altcoin Sherpa pointed to the consistent interaction with the 200 EMA and suggested it as a level offering a valid buying opportunity, emphasizing its historical significance in providing support during market downturns.
Altcoin Sherpa’s analysis underscores the importance of technical indicators like the 200 EMA in guiding trading decisions and steering market fluctuations, offering valuable insights for both traders and investors. Indeed, the largest cryptocurrency’s price currently rebounding from this level to above $66,000 confirms this analysis.
