Top Trader Says Shiba Inu (SHIB), Dogecoin (DOGE) and an Additional Memecoin Will Ride Hard on Next Bitcoin Bounce
A closely followed crypto trader and analyst is predicting an upcoming memecoin explosion in the near future as long as Bitcoin (BTC) can hold its own.
Pseudonymous trader Altcoin Sherpa tells his 194,000 Twitter followers that he believes altcoins are poised to shine, with memecoins potentially having a particularly volatile run to the upside.
He name Dogecoin (DOGE), Floki Inu (FLOKI) and Shiba Inu (SHIB) as potential candidates.
“I’m of the opinion that alts still have a strong run coming as long as BTC holds up. I guess meme coins are going to be the last to run, but collecting some of these could be good for 100x or $0.
Give me some of your favorites and I’ll throw some $ at some of them..
DOGE FLOKI SHIB”
The merchant too updates his view on Litecoin (LTC), saying the former Bitcoin rival is building a clean base near the 200-week exponential moving average (EMA). According to Altcoin Sherpa, LTC is likely to increase by at least 11% from the $90 level up to over $100.
“LTC: I think the 1W levels look pretty clean here; the price is currently at the 200W EMA. Would be careful here.
That said, lower timeframes look healthy; EMAs are lined up and I think we’ll test the low $100s again soon.”
Looking at Bitcoin, the popular analyst says the flagship cryptocurrency is still likely stuck in a range, and is due for a correction before bulls can anticipate any significant rally. He names $29,000 as a resistance that, if broken, could send BTC on a nice run.
“Even though we’re all celebrating now, Bitcoin is still only at the top level. Unless we see more continuation, this is probably a nice short area of clear invalidation. High time frame is approaching above $29,000, and things are likely to move past 30,000 quickly .”
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Featured image: Shutterstock/Salamahin/Atelier Sommerland
