dailyhodl.com
A widely followed crypto trader is predicting that Dogecoin (DOGE) has more room to run as he updates his outlook on one red-hot altcoin.
Pseudonymous trader Altcoin Sherpa tells his 196,300 Twitter followers that Dogecoin will likely increase by about 20% in the near term from its current value of $0.077.
“DOGE: One of the few alts that looks pretty strong overall. I don’t know which levels will be significant to the left, wouldn’t be surprised to see this continue grinding as high as $0.09 in the short term.”
Sherpa says that he is closely watching Dogecoin for a buying opportunity and that the next clear support/resistance level (S/R) to the downside is the 200-day exponential moving average (EMA) at $0.075.
“DOGE: Looking for $0.075 as an entry is something I’m eyeing. 200-day EMA and an S/R level.”
Also on the trader’s radar is Maker (MKR), a decentralized finance (DeFi) protocol that uses smart contracts to power stablecoin-based loans. He is keeping an eye on four key price levels where he believes the token will chop around for a while: $1,299 $1,150, $963 and $819.
“MKR: This one underperformed everything but is one of the strongest coins the last several weeks. I keep saying I’ll buy a dip but haven’t, this one is a top performer.”
Maker is trading for $1,141 at time of writing, up from a low of $676 on June 28th, a 69% increase.
The trader also weighs in on Bitcoin (BTC).
He says the king crypto’s price action is retesting the 200-day exponential moving average (EMA). If Bitcoin breaks the 200-day EMA, the trader predicts a rally to the $30,400 level. If it is rejected, the trader predicts Bitcoin will collapse to $27,800.
“BTC: ‘decision time soon’ wouldn’t be buying here personally, would rather wait for a reclaim of the range low first. Not feeling comfortable until we see BTC over $30,000.”
Bitcoin is trading for $29,225 at time of writing, down 0.9% during the last 24 hours.
Lastly, the trader says that blockchain oracle Chainlink (LINK) is liking going to revisit the lower end of its enduring price range with an upper bound of $9.33 and a lower bound of $5.33. He predicts a dip from its current level of $7.98 to at least $6.50.
“LINK: This one hasn’t budged much, to be honest. Would still just be patient on it and bid $6.50 or lower. Actually, not a bad spot to bid here either, it’s the EQ of the range. Depends on your strategy.”
Generated Image: Midjourney