A top crypto analyst believes that one artificial intelligence (AI)-focused altcoin will see much higher prices in the coming weeks.
Pseudonymous analyst The Flow Horse tells his 202,100 followers on the social media platform X that the native token of the decentralized machine learning network Fetch.ai (FET) is about to print a new all-time high.
According to the trader, FET’s spot cumulative volume delta (CVD) has been on the up and up, suggesting that market participants are heavily accumulating the altcoin.
“FET is knocking on making new all-time highs after a detour of just over two years. This is going to run hard over the coming months. No other narrative has legs like AI because AI is still early to its own story.
That spot CVD in blue is up only.”
At time of writing, FET is worth $1.07, about 9% below its all-time high of $1.17.
Another coin on the trader’s radar is the native asset of the decentralized storage network Filecoin (FIL). According to the analyst, he sees FIL breaking out to end a year-long accumulation phase.
“Filecoin is just tapping right now at breaking out of a yearly range. I don’t need to tell you what is next, but this is a good laggard…
FIL should continue to break out.
Perfect bottoming structure on the high time frame, and probably catches up very quickly to the rest of the market in a short amount of time.”
At time of writing, FIL is worth $7.73, up over 4% in the last 24 hours.
The Flow Horse is also bullish on the rest of the altcoin market. Looking at the TOTAL3 chart, which tracks the market cap of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, the analyst thinks that the altcoin market is on the cusp of a strong uptrend.
“If the past is precedent, we are near the point in the cycle where it is not really going to matter what you own, as much as it matters how you time the transfer to top buyers.”
Based on the trader’s chart, he seems to suggest that TOTAL3 has already carved a bottom and is poised to start a fresh uptrend.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
