A Crypto Strategist Hints at Bullish Potential for Sonic (S) and Fartcoin (FARTCOIN)
A well-known crypto strategist, Altcoin Sherpa, has recently shared insights on two altcoins – Sonic (S) and Fartcoin (FARTCOIN), suggesting potential market movements for these assets.
Sonic (S) on the Verge of Breaking Out
Altcoin Sherpa, with a significant following on X, believes that Sonic (S) may have hit a market bottom and is poised for a potential breakout. By bouncing off the 25-day Exponential Moving Average (EMA), Sonic shows signs of a bullish trend. Traders often use the EMA to gauge whether an asset is in an uptrend, and with Sonic’s price above the EMA, a bullish momentum could be on the horizon.
Altcoin Sherpa emphasizes that Sonic’s uptrend could be influenced by Bitcoin’s stability. As Bitcoin currently trades at $87,300, the overall market sentiment plays a crucial role in Sonic’s price movement. Despite the volatility, Altcoin Sherpa remains optimistic about Sonic’s potential, citing continued activity on the chain and favorable market conditions.
At the time of writing, Sonic is trading at $0.60, showing stability in its price performance.
Fartcoin (FARTCOIN) Faces Potential Retracement Before Breakout
Turning his attention to Fartcoin (FARTCOIN), Altcoin Sherpa suggests that the AI-based meme asset may experience a decline to the Fibonacci retracement level at $0.47 before potentially breaking out. However, he also notes that Fartcoin could skip the retracement and proceed with a breakout without retesting lower price levels.
Altcoin Sherpa remains watchful of Fartcoin’s price action, considering the asset for a spot trade opportunity. With Fartcoin trading at $0.55 at the time of writing, there is a possibility of further price movement in the near future.
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