A widely followed crypto analyst thinks that 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 X that he remains long-term bullish on Dogecoin (DOGE) despite its ongoing downtrend.
However, Altcoin Sherpa warns that DOGE is currently in deep bear territory after going below its 200-week exponential moving average (EMA).
“DOGE: I still think that this will do big numbers later this year but man, this is painful. Retraced the majority of its move before and headed back to value. Lost the 200W EMA too.”
Dogecoin is trading at $0.106 at time of writing.
Turning to Bitcoin (BTC), Altcoin Sherpa says that he expects the flagship crypto asset to bounce after breaking below its 200-day EMA. But the trader warns it is within the realm of possibility for BTC to see more pullbacks after the bounce.
“Not a good sign trading under the 200-day EMA but more a wait-and-see game at this point. Expecting the price to bounce in both scenarios (if it’s going lower, it’ll bounce here first. If it’s a real bounce, we are going to go to $63,000). Bottom line, expecting higher numbers than this.”
Bitcoin is trading at $57,855 at time of writing.
Altcoin Sherpa further says that Bitcoin’s price action around the 200-day EMA is likely to determine its direction.
“If we break/close above that on high time frames, things prob look good until $63,000.
Can’t break it, we test the low $50,000s.
Wait and see mode now.”
At time of writing, BTC’s 200-day EMA is hovering at $58,175.
Next up is Ethereum (ETH). Altcoin Sherpa says that the second-largest crypto asset looks good after bouncing and reclaiming the 200-day EMA as support.
“ETH: longing ETH seems to be consensus here. Still looks like a fine chart.”
Ethereum is trading at $3,126 at time of writing.
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