A widely followed crypto analyst thinks one memecoin is gearing up to soar to higher levels later this year.
The analyst, pseudonymously known as Altcoin Sherpa tells his 217,700 followers on the social media platform
However, Altcoin Sherpa warns that DOGE is currently in deep bear territory after falling below the 200-week exponential moving average (EMA).
“DOGE: I still think this will do big numbers later this year, but man, this is painful. Reverted most of his previous move and returned to value. I also lost the 200W EMA.”
Dogecoin is trading at $0.106 at the time of writing.
As for Bitcoin (BTC), Altcoin Sherpa says he expects the flagship crypto asset to bounce after breaking below the 200-day EMA. But the trader warns that it is within the realm of possibility that BTC will see more pullbacks after the rebound.
“Trading below the 200-day EMA is not a good sign, but at this point it’s more of a wait and see approach. We expect the price to bounce in both scenarios (if it goes lower, it will bounce here first. If it’s a real bounce, we’ll go to $63,000). In short: I expect higher figures than this.”
Bitcoin is trading at $57,855 at the time of writing.
Altcoin Sherpa further say that Bitcoin’s price action around the 200-day EMA will likely determine its direction.
“If we break/close above that on high futures, things probably look good up to $63,000.
We can’t break it, we’re testing the low $50,000s.
Wait and see the mode now.”
At the time of writing, BTC’s 200-day EMA is hovering at $58,175.
The next step is Ethereum (ETH). Altcoin sherpa say that the second largest crypto asset is looking good after bouncing and reclaiming the 200-day EMA as support.
“ETH: desire for ETH seems to be consensus here. Still looks like a great graph.
Ethereum is trading at $3,126 at the time of writing.
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