A widely followed crypto strategist believes that one Ethereum (ETH) rival could have a strong performance this year.
Pseudonymous analyst Altcoin Sherpa tells his 214,300 followers on the social media platform X that Fantom (FTM) could soar more than 15% from its current value.
“FTM: I think this is still a very solid coin and should do well in 2024 given their treasury. That said, would like to see consolidation for a longer-term bottom forming. Expecting that level to be $0.83 or $0.70. Still bullish and I have a bag.”
Looking at his chart, the trader suggests Fantom could dip to the Fibonacci retracement level around $0.80 before rallying to $1.15.
Fantom is trading for $1.02 at time of writing, up nearly 9% in the last 24 hours.
Next up, the trader predicts Ethena (ENA), a governance token launched by Ethena Labs for the project’s DeFi protocol, will break out after a period of consolidation around the $1.24 level.
“ENA first reaction. I think that we’re going to consolidate and then leg up.”
Ethena is trading for $1.22 at time of writing, up 4.6% in the last 24 hours.
Moving on, the trader expects a retracement before a move to the upside for Core (CORE), a layer-1 blockchain that leverages the advantages of Bitcoin’s (BTC) proof-of-work network.
“CORE: this one is chilling after having a crazy run. I think that this current .50 area around $2.50 all the way down to $2 seems reasonable to start buying. Expecting BTC ecosystem projects to do pretty well for the next 12-18 months.”
Core is trading for $2.37 at time of writing, down more than 11% in the last 24 hours.
Lastly, the trader says he remains bullish on the crypto project focused on real-world asset (RWA) tokenization, Mantra (OM).
“OM: I always thought that $0.50 would be a great buy but it hasn’t come (yet). A bit of a scary area here but I’m still bullish on this one as a RWA play (I have a bag).”
OM is trading for $0.81 at time of writing, up more than 4% in the last 24 hours.
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The post Trader Says One Ethereum Rival Will Do Well in 2024, Updates Outlook on Three Additional Altcoins appeared first on The Daily Hodl.
