Crypto Expert Analyzes RWA Tokens and Bitcoin Trends
A well-known crypto analyst, operating under the pseudonym Altcoin Sherpa, shares insights on Real World Assets (RWA) with his social media followers.
Altcoin Sherpa highlights the resilience of RWA crypto assets, focusing particularly on Mantra (OM), an Ethereum-based token associated with real-world asset tokenization.
$OM: RWA still are strong and ONDO was the recent leader for the entire market. I think that OM will probably cool just a bit and find some bottom either at the $0.60 area or the $0.50 area. These fibs have shown to be interesting levels but I'd like to see some consolidation for… pic.twitter.com/jPHhNk8MPK
— Altcoin Sherpa (@AltcoinSherpa) April 3, 2024
Altcoin Sherpa predicts a potential downturn for OM before an upward trend resumes, based on Fibonacci retracement levels, a key tool in technical analysis for identifying support and resistance levels.
He suggests that OM may consolidate around $0.60 or $0.50 before establishing a longer-term bottom.
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As of the latest update, OM is trading at $0.674, showing a remarkable increase of approximately 1,054% from its January 1st opening price of $0.0584.
In regards to Bitcoin (BTC), Altcoin Sherpa highlights the reliability of the 200 exponential moving average (EMA) on the four-hour timeframe as a support zone for the flagship cryptocurrency.
$BTC: you can keep things realllly simple and just bid the 200 EMA on the 4h. the last time this thing was tagged (other than recently) was early February. This still remains a good bid for now IMO. bounce incoming? pic.twitter.com/A4qSxRQYWC
— Altcoin Sherpa (@AltcoinSherpa) April 3, 2024
He suggests that bidding near this level could present favorable opportunities for investors, noting its historical significance since early February.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
