Crypto Trader Says Ethereum Rival Offering Opportunity at Current Levels – But There’s a Catch

A popular crypto strategist is leaning bullish on one Ethereum (ETH) rival, suggesting the altcoin has reached a market bottom.

Pseudonymous trader Altcoin Sherpa tells his 242,800 followers on the social media platform X that Sonic (S) may be on the verge of breaking out after bouncing off of the 25-day Exponential Moving Average (EMA).

Traders look at the EMA to determine whether an asset’s price is in an uptrend or not. If the price remains above the EMA, then the asset is likely going to remain bullish.

However, he warns that an S uptrend may depend on whether Bitcoin (BTC) stays trading around its current price level. Bitcoin is trading for $87,300 at time of writing.

“I still think that S is a pretty

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