Trader Updates Outlook on Altcoin That’s Exploded Over 1,000% Year-to-Date, Maps Path Forward for Bitcoin

Crypto analyst and trader, Altcoin Sherpa, has shared his outlook on a digital token that represents real-world assets. According to Altcoin Sherpa, crypto assets in the Real World Assets (RWA) category are still strong. He specifically mentions Mantra (OM), an Ethereum-based native token focused on asset tokenization, stating that it is likely to experience a further dip before resuming an uptrend based on Fibonacci retracement levels. Altcoin Sherpa believes that OM will find support either around the $0.60 or $0.50 levels and recommends looking for consolidation for a longer-term bottom.

At the time of writing, OM is trading at $0.674, marking an impressive 1,054% increase from its opening price of $0.0584 on January 1st.

Switching gears to Bitcoin, Altcoin Sherpa points out that the 200 exponential moving average (EMA) on the four-hour chart has served as a reliable support zone for the flagship cryptocurrency. He suggests that bidding the 200 EMA remains a good strategy for now, as it has proven successful in the past.

Bitcoin is currently trading at $65,827.

Overall, Altcoin Sherpa offers insights on the market outlook for both real-world asset tokens and Bitcoin, providing valuable guidance for crypto investors.