- The market gained ground on Friday following yesterday’s pullback that halted the upward trend which began on Monday.
- Fantom and several other altcoins are posting modest gains.
Crypto analyst Altcoin Sherpa shared his short-term forecasts for Bitcoin (BTC), Fantom (FTM), Terra (LUNA) and Near Protocol’s native token (NEAR) in a series of tweets. Sherpa, an adviser to the cross-chain decentralized liquidity aggregator Atlas, has a track record of accurate calls on a variety of altcoins.
NEAR/USD
NEAR hit an all-time high just above $20 a little over two weeks ago. That surge was driven by multiple factors, including Near Protocol’s successful completion of a $150 million funding round led by Three Arrows Capital.
Since then, NEAR/USD has lost more than 40% of its value and is currently trading around $11.26. The pair tried to push past $12 earlier this week before falling back alongside other tokens yesterday.
In a tweet published Wednesday, Sherpa described the community-driven cloud computing platform as a fundamentally solid project.
Trading chart NEAR/USD. Source: Altcoin Sherpa
“I’m still in my position but I’m waiting for a potential slight pullback. I added the dip at $10 […] I still think this is a solid project,” he wrote.
FTM/USD
Fantom’s FTM returned to the $2.00 area for the third time in the past week after a series of sell-offs. Yesterday’s market downturn pushed the token to a seven-day low of $1.88. Since then, FTM has staged a rebound toward $2.10.
Sherpa, however, expects FTM/USD to drop again, forecasting a decline toward $1.50. He also suggested the pair is unlikely to recover quickly.
Trading chart FTM/USD. Source: Altcoin Sherpa
“It will go down to $1.50 eventually IMO,” he posted. “It will take some time before it comes back up IMO. It needs to cut and consolidate.”
BTC/USD
Sherpa also weighed in on the leading cryptocurrency, which is trading near $38,000 after gaining roughly 2.8% in the past 24 hours.
In his Thursday analysis, the crypto strategist shared a long-term Bitcoin trading chart going back to December 2020, noting the asset could still revisit a demand zone.
Trading chart BTC/USD. Source: Altcoin Sherpa
“This is fine from a longer-term perspective; you want price to return to the demand area and see wicks there. I said before that even if 33k is the low, we’ll probably revisit that area. Patience is still required.”