Crypto Analyst Predicts Bull Run for Hybrid Consensus Altcoin and Outlines Forecasts for Ethereum and AI Rivals

Popular crypto analyst Altcoin Sherpa anticipates a significant rally for Core (CORE), a layer-1 altcoin operating on a hybrid consensus mechanism, in 2024. The analyst believes CORE has strong technical indicators and predicts potential gains, but advises waiting for a dip around $2.20 for an optimal buying opportunity.

Cryptocurrency Analyst Predicts Significant Gains for Hybrid Consensus Altcoin, Forecasts Trends for Ethereum Rival and AI-Centric Token

Renowned cryptocurrency strategist and market analyst, pseudonymous under the moniker "Altcoin Sherpa," has expressed bullish sentiment towards Core (CORE), a layer-1 altcoin utilizing a hybrid consensus mechanism. In a series of tweets, Sherpa outlined his technical analysis and predictions for several altcoins, providing insights that aim to guide investors in navigating the dynamic cryptocurrency landscape.

Core (CORE): Strong Technical Setup

Altcoin Sherpa's positive outlook on CORE stems from its recent price action and promising chart patterns. According to his analysis, CORE has successfully recovered from significant losses incurred earlier in the month, indicating a strong underlying bullish momentum. The analyst identified key Fibonacci levels that have held firm as support, embodying the resilience of the asset.

"These [Fibonacci levels] have held up extremely well," Sherpa tweeted. "The chart also looks very solid. I have a bag of this one and think it's going to do big numbers in 2024."

While cautioning against buying at current price levels, Sherpa advised investors to anticipate a potential dip to around $2.20, which would present a favorable entry point.

Near (NEAR): Targeting $8.50 Rally

Another altcoin on Sherpa's radar is Near (NEAR), a scalable blockchain protocol that rivals Ethereum. The analyst shared a chart suggesting that NEAR could experience a retracement below $6.50 before initiating a rally towards his target price of $8.50.

"NEAR: something like this would be good, in my opinion," Sherpa opined.

Fetch.ai (FET): Anticipating Bullish Reversal

In the realm of artificial intelligence (AI)-focused cryptocurrencies, Altcoin Sherpa predicted a revisit to $1.80 for Fetch.ai (FET), a token powering a decentralized network for AI applications. The analyst believes that this test of the local bottom would pave the way for a bullish reversal.

"FET: first .50 Fibonacci test looking pretty good for now," Sherpa remarked. "We'll see if there is a follow-up or if we get another test there. Truthfully, I think we see another test at that $1.80 level at least once more before this takes off later. Be patient."

Disclaimer and Additional Considerations

It is crucial to emphasize that the information contained within this article serves solely as informational purposes and should not be construed as investment advice. Readers are encouraged to conduct thorough research and exercise due diligence before making any investment decisions.

Moreover, it is imperative to recognize that the cryptocurrency market is highly volatile and characterized by inherent risks. Investors must exercise prudence and cautiously manage their financial exposure, taking into account their individual risk tolerance and financial circumstances.