The cryptocurrency market suffered a serious jolt last weekend following heightened geopolitical tensions. However, it managed to overcome it in a short time. As we leave a week behind, the green color dominates the market, led by Bitcoin. Amid these developments, an analyst with a large following says that a Solana rival altcoin is creating a good trade setup. The analyst also updates his outlook on ENA, TIA and PEPE coin.
According to the analyst, SEI will be a good trade!
As you have been following on Kriptokoin.com, the market has revived as the countdown to Bitcoin’s halving event begins. Bitcoin and many altcoins are in the green zone. The analyst, nicknamed Altcoin Sherpa, starts his assessment with Solana rival Sei (SEI). The analyst says SEI is sitting in a very important area. Therefore, he states that “it will be a good trade”.
According to the chart shared by Altcoin Sherpa, SEI is close to the 0.618 Fibonacci retracement level and slightly below the 200 exponential moving average (EMA) on the daily chart. By the way, Fibonacci retracement levels are based on Fibonacci numbers. Also, analysts use these indicators to identify support and resistance levels. However, the analyst also notes that the fate of SEI will largely depend on Bitcoin.
Meanwhile, at the time of writing, SEI was trading at $0.556, a daily gain of over 10%. However, the token saw a loss of nearly 17% on its weekly chart.
Altcoin Sherpa: I’m accumulating ENA!
The analyst then looks at decentralized finance (DeFi) protocol Ethena (ENA). Altcoin Sherpa says ENA is at a potential reversal point (just above the 0.50 Fibonacci retracement level) following a correction from the ATH level it reached earlier this month. Therefore, he states that he is accumulating ENA. Accordingly, the analyst said, “I like this level. Also, Bitcoin has not moved much given its volatility. I don’t know if it will be ruined or good,” he says.
Meanwhile, ENA was trading at $1.01 at the time of writing, up over 11% on the day. The token, however, saw a 28.5% loss on its board chart.
TIA and PEPE Coin predictions
The analyst shares his latest assessments of TIA and PEPE coin. The analyst first takes a look at the popular meme coin Pepe (PEPE Coin). According to the chart shared by Altcoin Sherpa, PEPE Coin price is slightly above the 200 EMA and the 0.618 Fibonacci retracement level on the 12-hour chart. Based on this, the analyst said, “PEPE Coin looks really scary. But many altcoins are at some good support levels. Let’s see if they can hold on.”
After PEPE Coin, TIA is next. Altcoin Sherpa says TIA, which has rebounded strongly after a significant market correction, looks attractive for accumulation at the moment. In this context, the analyst says, “Honestly, if you have balls of steel, I might try to keep TIA around for a long time.”
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