A popular crypto expert says the three Ethereum competitors stand out from the rest of the cryptocurrency market. The analyst thinks that these altcoin projects have formed a bullish pattern and Bitcoin (BTC) and another altcoin do not look bad at all.
According to the expert, bullish altcoin projects: FTM, LUNA and NEAR
The pseudonymous analyst, known as altcoin Sherpa, says that smart contract platform Fantom (FTM), algorithmic stablecoin Blockchain Terra (LUNA), and decentralized application (DApp) platform Near Protocol (NEAR) form a significant bull market pattern.
The crypto analyst points out that all of the altcoin projects he mentioned are held above the 200-day exponential moving average (EMA).
FTM, LUNA, NEAR: Here are the 3 coins that are keeping the price above the 200D EMA, and these are some of the coins that still look good. I still think it will take a little longer for a macro bottom to form but let’s see what happens.
At the time of writing, according to CoinMarketCap data, FTM was trading at $1.92, down 5.90% in the last 24 hours, while LUNA was down 6.73% at $52.43 and NEAR was down 3.54% at $10.69.
Analyst says Polygon and Bitcoin aren’t looking bad either
Altcoin Sherpa also adds Ethereum scaling solution Polygon (MATIC) to its seemingly robust altcoin group:
MATIC: Looks pretty good overall, still above 200D EMA and all 4h EMAs looking pretty healthy. I think we’re seeing more consolidation here.
Looking at Bitcoin, the closely-followed analyst says that the leading cryptocurrency by market capitalization also looks healthy and another price increase may come soon:
BTC: I think we are still fine in the short term. The 4h EMAs look healthy and I think that’s a little tighter. Waiting to see if this is a confirmed high low in 1D.
However, at the time of writing, Bitcoin fell 7% in the last 24 hours to $ 41,098.