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- FET might drop to $0.68 but the price might extend to $3 in the long term.
- If traders continue to book profits, WLD’s price might plunge to $5.76 before another rally.
- Entries between $595 and $682 could be great for TAO traders looking to hold in the short and long term.
Altcoin Sherpa, a popular crypto analyst on X, told his 207,600 followers to watch AI-themed cryptocurrencies. According to Sherpa, the recent parabolic moves by some of the tokens including Fetch.ai (FET), Worldcoin (WLD), and Bittensor (TAO) do not mean that they have hit their peaks.
The analyst, however, noted that the tokens might pull back. But if the prices hit the 0.236 and 0.382 Fibonacci retracement points, then traders should buy.
Going to post some AI coin potential entries. Given how hard some of these are going, I would view the .236 fib and the .382 fib areas as good starter points. $FET $WLD $TAO WOULD NOT GO ALL IN on any 1 entry. DO NOT FOMO. A pullback probably coming soon. These are more for… pic.twitter.com/XfW3Sx6iOs— Altcoin Sherpa (@AltcoinSherpa) February 19, 2024
Fetch.ai (FET)
FET’s price tapped a two-year peak and reached $1.12 on February 19. However, the 4-hour FET/USD pair showed that the cryptocurrency has printed a bearish candle.
This resulted in a decline to $1.00. Meanwhile, a look at the 0.236 Fib level showed that the token might decrease to $0.68. In a highly bearish scenario, the price might drop to $0.64 where the 0.382 Fib level was.
But as Sherpa said, a possible nosedive to these levels could serve as great entry points. In the meantime, the Relative Strength Index (RSI) had fallen to 64.84. This implies that the previous bullish momentum had subsided.
FET/USD 4-Hour Chart (Source: TradingView)
Should the RSI reading continue to slide, FET’s price might drop to $0.91 within the next few days. However, in the long term, the token value could extend as high as $3 to $5. But that might only happen if the AI narrative remains very present.
Worldcoin (WLD)
WLD’s price hit $8 on February 19 but was quickly rejected as the price fell to $6.65. Around the same period when WLD hit $8, the Money Flow Index (MFI) hit 93.96, indicating an influx of capital into the cryptocurrency.
However, the MFI at press time had declined to 44.84. This suggests that market players have been taking out their liquidity. This decrease was also a sign of profit-booking which could further draw down WLD’s price.
WLD/USD 4-Hour Chart (Source: TradingView)
In a highly bearish situation, WLD might plunge to $5.76 where the 0.382 Fib retracement was positioned. But if bulls can defend the price action, a good entry can appear around $6.63. Should this be the case, buying pressure might help WLD climb as high as $10.
Bittensor (TAO)
For TAO, signals from the Fibonacci retracement were a little different. Unlike WLD and FET which placed the 0.236 Fib level below the current price, the Fib level for TAO was at $682.83. At press time, TAO’s price was $595.19.
Furthermore, the 0.382 Fib level was at $658.94. This implies that buying the cryptocurrency between $595 and $682 could serve as a good entry for traders looking to hold for the short and long term.
TAO/USDT 4-Hour Chart (Source: TradingView)
However, the Awesome Oscillator (AO) reading was negative, indicating increasing downward momentum. As it stands, TAO’s price might drop as low as $545. But in the long run, a push toward $1000 looks likely.
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