A widely followed analyst and trader is expressing bullish sentiment on a multi-million dollar altcoin as the total crypto market cap edges toward $1.5 trillion.
The analyst pseudonymously known as The Flow Horse tells his 185,800 followers on the X social media platform that blockchain-based artificial intelligence (AI) and machine learning platform Fetch.ai (FET) could appreciate by around 130% from the current level.
“I think FET is one of the better looking charts right now.
Clear $0.45 and this thing has $1 written all over it, especially as a pair that is connected to AI, which is more than just a narrative.”
FET is trading at $0.434 at time of writing, up by slightly over 100% over the past month.
Turning to Bitcoin (BTC), the pseudonymous trader says that the flagship crypto asset is likely to turn bearish if it does not overcome the $38,000 resistance level convincingly. According to The Flow Horse, Bitcoin is potentially forming a “brief double top”. A double top is a pattern that signals that the price of an asset is about to reverse to the downside.
The pseudonymous trader next analyzes Ordinals (ORDI), a technology that enables the creation of digital collectibles on the Bitcoin network. The Flow Horse says that ORDI is showing signs of continuing its bullish momentum.
“This looks like it is going to put in another leg up.
ORDI is remaining lifted and is a new pair breaking out of what is its first consolidation with no flashing warning signs of overheating.”
ORDI is trading at $25.79 at time of writing, up by around 380% over the past two weeks.
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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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Source: https://dailyhodl.com/2023/11/17/analyst-says-ai-altcoin-has-130-surge-written-all-over-it-once-major-resistance-level-is-overcome/