The cryptocurrency market has finally started to move into the green zone. However, it remains unclear how long this will last. One analyst with a large following says that Bitcoin, the leading crypto, could go lower after the bounce. The analyst also thinks that a meme coin is poised to make higher highs later this year. Finally, he notes that the leading altcoin is looking good.
Altcoin Sherpa thinks DOGE will hit big numbers, but…
As you have been following on Kriptokoin.com, the market entered the green zone as the selling pressure on Bitcoin eased. However, it might be premature to say that an uptrend has started in the market. However, analysts are hopeful for further ahead. The analyst, nicknamed Altcoin Sherpa, says he remains long-term bullish on Dogecoin (DOGE) despite the ongoing downtrend. However, Altcoin Sherpa warns that DOGE is currently in deep bear territory after breaking below its 200-week exponential moving average (EMA). In this context, the analyst makes the following statement:
DOGE: I still think this is going to hit big numbers later this year, but this is very painful. It has retraced a lot of its earlier move and is back to value. It also lost the 200W EMA.
Meanwhile, Dogecoin was trading at $0.1099 at the time of writing, up 3.5% on the day. The popular meme coin also entered the green zone on its weekly chart.
“Ethereum looks good!”
The analyst then looks at the leading atcoin Ethereum (ETH). Altcoin Sherpa says ETH is looking good after reclaiming the 200-day EMA as support. Accordingly, the analyst said, “Missing ETH seems to be the consensus here. It still looks like a good chart.”
Meanwhile, Ethereum was trading at $3,157 at the time of writing, up 2.5% on the day. Thus, the cryptocurrency extended its weekly gain to more than 5%.
According to the analyst, the critical level for the leading cryptocurrency is $63,000!
Finally, the analyst discusses the leading cryptocurrency Bitcoin (BTC). Altcoin Sherpa expects BTC to bounce after falling below its 200-day EMA. However, the analyst warns that it is possible that BTC could see further pullbacks after the bounce. “Trading below the 200-day EMA is not a good sign, but it’s more of a wait-and-see game at this point. I expect the price to bounce in both scenarios. If it is going to fall, it will bounce here first. If there is a real bounce, we will go to $63,000. As a result, we expect higher numbers than that.”
Altcoin Sherpa also says that Bitcoin’s price action around the 200-day EMA could determine its direction. In this regard, the analyst said, “If we break/close above that on higher timeframes, things could look good up to $63,000. If we fail to break this, we test below $50,000. We are in a wait-and-see mode now.” At the time of writing, BTC was hovering at $58,175, its 200-day EMA.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
