One widely followed cryptocurrency strategist believes that meme token Dogecoin (DOGE) looks bullish even after last week's market-wide correction.
The pseudonymous Altcoin Sherpa analyst tells his 214,100 followers on the social media platform
With weekly support holding, the trader now makes his move be seen DOGE is sparking a rally of nearly 60% from current levels.
“DOGE: Held above [the] Weekly level Currently, pumping has resumed to $0.32.
I think buying DOGE is a completely reasonable idea and I think it's one of the safest trades you can make. It probably beats a lot of other things too, to be honest.
At the time of writing, DOGE is trading at $0.197.
Next, the analyst is also bullish on the native assets of the Ethereum (ETH)-based decentralized liquid signature protocol Ether.fi (ETHFI). Altcoin Sherpa says ETHFI is positioned to rebound as long as it trades above $4.75.
“ETHY: I bought here. I like the chart + it is a new currency and looks like it is forming a medium term bottom. This will sell at around $6.70 with a stop below the lows (high time frame close under $4.75 = I will exit).”
At the time of writing, ETHFI is worth $5.69.
The trader is also closely monitoring the Wormhole (W) cross-chain messaging protocol. The analyst displays a chart indicating that W is forming a rounded bottom reversal pattern on the hourly time frame.
“And: I want to buy this on the way. It could be good. I still think this will go up several times in the next few weeks as long as BTC is stable.”
At the time of writing, W is trading at $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 have bought and traded a lot in 2021. It is currently consolidating in this range and I don't see any real breakout *yet*. I will wait until the price hits the lows at $9.50 or breaks the highs above $16.”
At the time of writing, PROM is worth $14.25.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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