Renowned crypto analyst Altcoin Sherpa anticipates a bullish trend for altcoins within the Bitcoin (BTC) ecosystem, particularly for Ordinals (ORDI), which has seen a significant surge of over 2700% in three months. He suggests the momentum for ORDI will continue.
Altcoin Sherpa highlights a $65 price point for ORDI as an attractive buying opportunity, which is about 10% below its current price. ORDI has risen from a closing price of $3.48 on October 18 to $72.35 at the time of the report.
The analyst also comments on THORChain’s RUNE, warning of potential short-term declines. He identifies key Fibonacci retracement levels at 0.50 (50%) and 0.618 (61.8%) that should be monitored if the downtrend continues.
Fibonacci retracement levels are commonly used to determine possible support and resistance points for an asset’s price. For RUNE, the 50% and 61.8% retracement levels are around $4 and $3.50, respectively.
Lastly, Altcoin Sherpa turns his attention to Solana (SOL), predicting its rise throughout 2024 but cautions investors about a possible short-term decline. SOL is one of the top emerging altcoins in 2023.