The cryptocurrency world continues to exist as an area constantly full of new projects and opportunities. Investors and analysts involved in this space conduct careful scrutiny from time to time when assessing the potential of certain altcoins. Recently, an analyst known as Altcoin Sherpa highlighted several altcoins and stated that he sees significant potential.
First with analyst Sei (SEI) started and according to the analyst, SEI’s presence in a key area could make it a good trading opportunity. According to SEI’s daily charts, it appears to be at the 0.618 Fibonacci retracement level and is trending slightly below the 200-day exponential moving average (EMA). Fibonacci retracement levels are mathematically based on Fibonacci numbers and are often used in technical analysis to determine support and resistance levels. This can be considered an important indicator to understand the current status of SEI and predict future price movements.
However, as the analyst emphasizes, there is always a certain risk in the cryptocurrency market. Altcoins, in particular, are often dependent on Bitcoin, and changes in Bitcoin’s price can have significant impacts on altcoins. “Obviously we will be heavily dependent on Bitcoin,” the analyst said. He stated that the performance of altcoins such as SEI is sensitive to Bitcoin’s price movements.
The other cryptocurrency evaluated by the analyst is Pepe (PEPE). Altcoin Sherpa highlighted that the popular meme coin is slightly above the 200 EMA and 0.618 Fibonacci retracement level on the 12-hour chart.
“PEPE: looks really scary but many altcoins are at reasonable support levels. Let’s see if they will maintain these supports.”
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Next is Ethena (ENA). The pseudonymous analyst explained that he is accumulating ENA, which is at a potential reversal point (just above the 0.50 Fibonacci retracement level) following the correction from the all-time high reached earlier this month.
“I like this level and it hasn’t moved much considering Bitcoin volatility. “I don’t know if it will be ruined or if it will be good.”
Next up is Celestia (TIA), a blockchain designed to enable just about anyone to easily and cheaply launch their own decentralized network. Altcoin Sherpa noted that TIA currently looks attractive for accumulation after showing a strong recovery following a significant market correction.
“Honestly, if you are going to stay strong, you can go long TIA here.”
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