A well-known cryptocurrency trader and expert is providing his prediction on a digital token that stands in for real world assets, or traditional and actual financial assets (RWA).
On the social media site X, the trader going by the nickname Altcoin Sherpa informs his 213,700 followers that cryptocurrency assets falling under the RWA category are still “strong.”
Mantra (OM), the native Ethereum (ETH) token of a cryptocurrency project centered on real-world asset tokenization, is predicted by Altcoin Sherpa to continue falling before starting an upward trend based on Fibonacci retracement levels.
Fibonacci retracement levels are employed in technical analysis to pinpoint important support and resistance areas, as well as potential reversal points.
“OM will most likely find some bottom at the $0.50 or $0.60 region after cooling off a little.
These Fibonacci levels have proven to be intriguing, but before we see a longer-term bottom on this one, I’d like to see some consolidation.”
As of this writing, OM’s trading price is $0.674, up roughly 1,054% from its beginning price of $0.0584 on January 1.
Speaking of Bitcoin (BTC), Altcoin Sherpa claims that the price of the leading cryptocurrency asset has twice found a dependable support zone around the 200 exponential moving average (EMA) in a four-hour timeframe.
“BTC: You can bid the 200 EMA on the four-hour chart to keep things fairly easy. Other than lately, this item was last tagged in early February. I still think that this is a good bid as of right now.”
April 2024, Cryptoniteuae
