Expert Forecasts Impressive Double-Digit Surge for Dogecoin, Highlights ‘Top Performer’ Altcoin with 70% Monthly Gain
In the exciting world of cryptocurrency, one prominent figure stands out – the pseudonymous trader known as Altcoin Sherpa. With a massive following of 196,300 on Twitter, his insights carry weight and draw attention. Recently, Altcoin Sherpa shared his updated outlook on several cryptocurrencies, including Dogecoin, Maker, Bitcoin, and Chainlink.
Dogecoin (DOGE) – Bullish Momentum Continues
Altcoin Sherpa is particularly bullish on Dogecoin, stating that the altcoin looks quite robust overall. He forecasts a potential increase of around 20% in the near term from its current value of $0.077. While he doesn’t specify exact price levels, he believes DOGE could grind higher and potentially reach as high as $0.09 soon.
The trader is strategically watching for a buying opportunity in DOGE and has identified the 200-day exponential moving average (EMA) at $0.075 as the next crucial support/resistance level to consider for an entry.
Maker (MKR) – A DeFi Powerhouse
Turning his attention to the decentralized finance (DeFi) sector, Altcoin Sherpa expresses interest in Maker (MKR). This DeFi protocol, which facilitates stablecoin-based loans through smart contracts, has been showing strength over the past few weeks. Despite not buying the dip just yet, the trader recognizes MKR as a top performer.
He pinpoints four key price levels to monitor closely: $1,299, $1,150, $963, and $819, as he believes the token will hover around these levels for some time.
As of writing, MKR is trading at $1,141, marking a remarkable 69% increase from its low of $676 on June 28th.
Bitcoin (BTC) – Critical Testing Phase
Altcoin Sherpa shares insights on the cryptocurrency king, Bitcoin. He notes that Bitcoin’s price action is currently retesting the 200-day exponential moving average (EMA). In case Bitcoin breaks above this level, the trader predicts a rally to the $30,400 mark. However, if the 200-day EMA becomes a resistance, he anticipates a drop to $27,800.
At present, Bitcoin is trading at $29,225, experiencing a slight 0.9% decline over the last 24 hours.
Chainlink (LINK) – Revisiting its Range
Lastly, Altcoin Sherpa focuses on blockchain oracle Chainlink (LINK). He believes that LINK might retrace to the lower end of its price range, with an upper bound at $9.33 and a lower bound at $5.33. Currently trading at $7.98, he predicts a dip to at least $6.50.
The trader suggests being patient and potentially bidding at $6.50 or even lower, emphasizing the importance of individual strategies in such scenarios.
As the crypto world continues to evolve, insights from experienced traders like Altcoin Sherpa provide valuable guidance for investors and enthusiasts. Dogecoin, Maker, Bitcoin, and Chainlink are among the top cryptocurrencies to keep an eye on as they show remarkable potential in the market.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.