A popular crypto strategist is leaning bullish on one Ethereum (ETH) rival, suggesting the altcoin has reached a market bottom.
Pseudonymous trader Altcoin Sherpa tells his 242,800 followers on the social media platform X that Sonic (S) may be on the verge of breaking out after bouncing off of the 25-day Exponential Moving Average (EMA).
Traders look at the EMA to determine whether an asset’s price is in an uptrend or not. If the price remains above the EMA, then the asset is likely going to remain bullish.
However, he warns that an S uptrend may depend on whether Bitcoin (BTC) stays trading around its current price level. Bitcoin is trading for $87,300 at time of writing.
“I still think that S is a pretty good buy around these levels. I think this legs up as long as BTC is stable. Still a lot of activity on this chain and a bunch of things going for it.”
Sonic is trading for $0.60 at time of writing, flat on the day.
Next up, the trader says that the artificial intelligence (AI)-based meme asset Fartcoin (FARTCOIN) may first decline to the Fibonacci retracement level at $0.47 before breaking out.
However, he says Fartcoin may break out without retesting lower price targets.
“Fartcoin is either consolidating for the next leg or going to be a great buy at $0.47 or something. I don’t know which it is. I’m still in it on a spot trade and will continue watching.”
Fartcoin is trading for $0.55 at time of writing, down 1% in the last 24 hours.
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