Altcoin Sherpa, a name that has gained popularity among investors and analysts in the cryptocurrency world, evaluated the stratospheric rally of Bittensor (TAO), a remarkable altcoin, in its latest analysis. The analyst noted that the crypto asset is moving in line with Fibonacci retracement levels amid its rise that started in October 2023.
Sherpa’s daily chart analysis shows that the altcoin’s key support and resistance zones coincide with certain Fibonacci retracement levels. In particular, the 50% retracement level, 38.2% retracement level, and 23.6% retracement level stand out as strong support and resistance levels amid TAO’s stratospheric rally.
$TAO: I remember buying this at $120 and selling it shortly after due to impatience. Mistakes were made.
Good display of high time frame fibs holding up though. pic.twitter.com/t29TL3Zw4g
NEWS CONTINUES BELOW— Altcoin Sherpa (@AltcoinSherpa) January 30, 2024
As of now, TAO is trading at $437, a 100% increase from its January 16 low of $218. Altcoin Sherpa’s analysis suggests that there is a strong technical basis behind this increase. The analyst also revealed that he bought TAO at $120 and sold it shortly after out of impatience. Altcoin Sherpa considered this a mistake.
The analyst also evaluated the current situation of the leading cryptocurrency Bitcoin. As it is known, the Bitcoin and cryptocurrency market has recently entered an important turning point with the US Securities and Exchange Commission (SEC) approving spot Bitcoin exchange traded funds (ETFs). Altcoin Sherpa says this confirmation means “long-term mega rally” for Bitcoin states.
According to the analyst, Bitcoin’s short-term price action could include further overall declines between $35,000 and $50,000 over the next few weeks or months. However, following this decline, the crypto asset is expected to experience a significant recovery later in the year.
“I predict more overall declines to $35,000 to $50,000 for the next few weeks/months and we will see some good times later in the year.”
Turning to Solana (SOL), the analyst said that there is a general upward expectation in the altcoin this year. The short-term expectation of Altcoin Sherpa is as follows:
“At this point I think this will slowly drop back down to $120. “I still think lower levels could come eventually, but maybe more upside first.”
You can follow the current price movement here.