Trading Expert Anticipates Significant Downturn for Solana Challenger, Offers Fresh Insights on Privacy-Focused Alternative Cryptocurrency
Altcoin Sherpa, a highly followed analyst, predicts a substantial retracement for Sei (SEI), a Solana (SOL) competitor, which has surged approximately 90% in just a month.
With a confident outlook, the analyst suggests a 30% retracement for SEI, targeting the 0.50 Fibonacci level around $0.48 for potential accumulation. Altcoin Sherpa notes that the previous reaction at the 0.382 Fibonacci area around $0.58 supports the expectation of even lower levels in the future. Currently, SEI is trading at $0.679. Shifting attention to the privacy-focused crypto project Manta Network (MANTA), the analyst advises caution, indicating a potential dip to the low $2s before considering a purchase.
MANTA is presently trading at $2.24. Regarding Bitcoin (BTC), Altcoin Sherpa anticipates a move below the key psychological support at $40,000, identifying the $41,600 region as current support but highlighting the $36,000 area with confluence with the 200-day EMA and 0.382 Fibonacci level as a favorable long position.
Clever Robot News Desk 22nd January 2024
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