A widely respected cryptocurrency strategist believes that top meme token Dogecoin (DOGE) looks bullish even after last week’s market-wide correction.
Pseudonymous analyst Altcoin Sherpa told his 214,100 followers on social media platform
With weekly support remaining intact, traders can now see DOGE has sparked a rally that is up nearly 60% from current levels.
“DOGE: Holds above weekly level for now and resumes pumping towards $0.32.
I think buying DOGE is a completely reasonable idea and I think it’s one of the safest trades you can make. To be honest, it probably outperforms a lot of the others.”
As of this writing, DOGE is trading at $0.197.
Next, the analyst is also bullish on the underlying asset of Ether.fi (ETHFI), a decentralized liquid staking protocol based on Ethereum (ETH). Altcoin Sherpa says ETHFI is positioned for a bounce as long as it trades above $4.75.
“ETHFI: I bought it around here. I like the chart + it is a new coin and it looks like it is forming a mid-low low. It will stop below the low and sell for around $6.70 (highest time close below $4.75 = close).”
As of this writing, ETHFI is worth $5.69.
The trader is also closely watching the cross-chain messaging protocol Wormhole (W). The analyst shares a chart that suggests that W is forming a round-to-bottom reversal pattern on the hourly time frame.
“W: I’d like to buy this on the way up. It might be good. I believe this will go up multiple times in the coming weeks as long as BTC is stable.”
As of this writing, W is trading at $0.995.
The last altcoin on analysts’ radars 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 traded a lot in 2021. There is currently consolidation in this range, with no real breakout *yet* in sight. “I will wait for the price to tap the lows of $9.50 or break the highs above $16.”
As of this writing, PROM is worth $14.25.
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