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A popular crypto analyst is offering predictions for a handful of crypto assets as the market tries to stabilize after a volatile week of trading.
In a new strategy session, the pseudonymous altcoin Sherpa says that Dogecoin (DOGE) actually lags behind fellow dog-themed meme coin Shiba Inu (SHIB) in terms of user popularity. increase.
I think it’s interesting that Dogecoin made that move, but it’s also interesting to note that Dogecoin didn’t even lead the memecoin market.SHIB did. Shiva moves.
Buying laggards is a good thing and there are many opportunities to make these types of trades. So if SHIB moons very hard and DOGE is doing nothing, we can happily assume he will long Dogecoin and so on.“
In the short term, Altcoin Sherpa predicts DOGE could fall first to $0.058 and then to $0.052.
At the time of writing, Dogecoin is trading at $0.062.
Altcoin Sherpa next turned its attention to layer 2 scaling solution Polygon (MATIC), saying it expects crypto assets to resume its downward trend overall despite the recent price spike.
This is still a bearish market structure, highs are still low [and] Lower the low frequencies.these movements [up] Overall it was probably a bearish retest
This recent rally has been really good, but the $0.32 price has tripled to $1 and is still below its high [and]and the continuation further down.
Polygon is currently up less than 2.50% and worth $0.83.
Moving to Chiliz (CHZ), the utility token of sports fan engagement platform Socios.com, charting experts believe the altcoin’s recent rally will subside soon.
This coin has been doing really well over the last few weeks.
We expect a rally near $0.18, but expect further declines until that region is reached. [$0.18 to $0.19]Then, after some consolidation, we may see a more sustainable move, followed by a further downtrend. “
Chiliz is in the red at 4.27% and is switching hands at $0.20. The altcoin was worth over $0.26 just a week ago.
Altcoin Sherpa believes $0.19 could be a good entry point for its enterprise-grade blockchain platform, Fantom (FTM), but broader bear market conditions could trigger a plunge in the token. It warns you that
“The low of the range is around $0.19. We have this floor around $0.24 and it looks like it will probably be the next level up, but we don’t know exactly if it will hold up. $0.19 might be a better buy if you’re looking for this in the long term, but it’s also important to note that this is still a very bearish market structure.
In my opinion, once the current $0.18-$0.19 area progresses, the next is probably the $0.05 area. “
The Phantom has been volatile lately and is currently trading flat at $0.28.
Last on the analyst’s watchlist is Ethereum’s (ETH) rival NEAR Protocol (NEAR). Altcoin Sherpa believes the fate of NEAR will ultimately depend on how well Bitcoin (BTC) holds up in the future.
Like other altcoins, this kind of rounded bottom type price action looks pretty decent, but I don’t think it’s very sustainable either. Maybe it just chops, maybe it revisits lows again at $3, chops for a few weeks and then goes up again
I think it’s likely that it will continue to go down. If this goes down and this $3 floor collapses, I suspect this $2.75 to $1.75 area will be the next area.
These are areas of interest if Bitcoin is really pulling another leg. “
At the time of writing, Near Protocol is up 8.05% with an asking price of $4.32.
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Featured Image: Shutterstock/Tithi Luadthong
