dailyhodl.com
A widely followed crypto strategist believes that top meme token Dogecoin ($DOGE) looks bullish even after last week’s marketwide correction.
Pseudonymous analyst Altcoin Sherpa tells his 214,100 followers on the social media platform X that $DOGE has managed to stay above a key support level on the weekly chart even after dropping to a seven-day low of $0.169.
With the weekly support intact, the trader now sees $DOGE igniting a nearly 60% rally from current levels.
“$DOGE: held above [the] weekly level for now, resume the pump to $0.32.
I think being long $DOGE is a completely reasonable idea and I think that its one of the safer trades you can do. Probably outperforms a lot of other stuff too, to be honest.”
At time of writing, $DOGE is trading for $0.197.
Next up, the analyst is also bullish on the native asset of the Ethereum ($ETH)-based decentralized liquid staking protocol Ether.fi ($ETHFI). Altcoin Sherpa says $ETHFI is in a position to bounce as long as it trades above $4.75.
“$ETHFI: I bought around here. I like the chart + it’s a new coin and looks like it’s forming a mid-term bottom. Will be selling this around $6.70-ish with a stop below the lows (high time frame close below $4.75 = I’m out).”
At time of writing, $ETHFI is worth $5.69.
The trader is also keeping a close watch on the cross-chain messaging protocol Wormhole (W). The analyst shares a chart suggesting that W is forming a rounding bottom reversal pattern on the hourly time frame.
“W: I want to buy this on the way up. Could be good. I still believe this will be up several multiples in the next few weeks as long as BTC is stable.”
At time of writing, W is trading for $0.995.
The last altcoin on the analyst’s radar is Prom (PROM), a layer-2 protocol designed to enable interoperability between blockchains. According to Altcoin Sherpa, PROM appears to be trading in a wide range between $9.50 and $14.95.
“PROM: this is a coin I bought and I traded it a lot back in 2021. Currently consolidating in this range and I don’t see any true break *yet*. Would wait for price to either tap the lows at $9.50 or break the highs above $16.”
At time of writing, PROM is worth $14.25.
Generated Image: Midjourney