Dogecoin (DOGE) is expected to increase sevenfold, according to popular crypto analyst Altcoin Sherpa. With a following of 195,900 on Twitter, Altcoin Sherpa has predicted that Dogecoin will reach $0.50 once again, but cautions that it may take some time for this to happen. This could lead to missed opportunities for long-term holders who wish to invest in other cryptocurrencies. Altcoin Sherpa also warns that other meme coins like Shiba Inu (SHIB) and Pepe (PEPE) could gain momentum at the expense of DOGE.
Altcoin Sherpa’s analysis demonstrates that DOGE is breaking out of resistance levels indicated by exponential moving averages. The chart shows DOGE retesting the key 89-day EMA, which traders consider as a potential trend reversal. It should be noted that the last time DOGE reached $0.50 was in 2021.
Currently, Dogecoin is valued at $0.0709, showing a 3.9% increase in the last 24 hours.
Altcoin Sherpa also provides insights into the potential movement of Bitcoin (BTC), predicting an upside in the near future after it held support at the 200-day EMA. They identify four key price levels to watch within the range: $31,458 and $31,047 in the upper bound, and $29,889 and $29,508 in the lower bound.
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Bitcoin is currently trading at $29,981, experiencing a 0.2% decrease in the last 24 hours.
Furthermore, Altcoin Sherpa shares their thoughts on when the altcoin market may rally. They suggest that there are three main situations that typically indicate money flowing back into altcoins. First, when Bitcoin ranges within a healthy range. Second, when Bitcoin experiences a significant increase in price. And finally, during the months of December and January. However, they also mention that these three factors can be related yet separate.
In addition to these insights, it’s important to stay updated on the latest news in the crypto market. Subscribing to The Daily Hodl’s email alerts can ensure that you don’t miss any important developments. Checking the price action of various cryptocurrencies is also recommended to have a comprehensive view of the market.
As with any investment advice, it’s crucial to conduct thorough research and due diligence before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades within the crypto market come with their own risks, and any losses incurred are the responsibility of the investor. The Daily Hodl does not endorse the buying or selling of specific cryptocurrencies or digital assets, nor does it provide investment advice.
In closing, Altcoin Sherpa’s analysis suggests the potential for a significant increase in the value of Dogecoin. However, it may take time for this to occur, which could create missed opportunities for long-term holders. Altcoins like Shiba Inu and Pepe may gain momentum at the expense of Dogecoin. BTC is expected to have an upside movement, and there are indications that money could flow back into altcoins in the future. Stay informed and exercise caution when investing in the volatile crypto market.
