One prominent cryptocurrency trader believes that one of Dogecoin (DOGE) competitors could soon see a breakthrough.
An anonymous analyst known as Altcoin Sherpa told his 224,000 followers on social media platform .
Despite the possibility of a breakout, Altcoin Sherpa said he would not buy WIF at its current levels.
WIF is trading at $2.47 at the time of this writing. The 42nd-largest cryptocurrency asset by market capitalization fell more than 7.6% in the past 24 hours.
The analyst also believes that memecoin POPCAT may witness a brief price surge.
“I wouldn’t be surprised to see a sort of parabolic explosion of highs around $2. And then this product dies for a while. All cat bettas should follow the same pattern. At current levels, I would not recommend purchasing most cat tokens. If possible, wait for a retraction.”
POPCAT is trading at $1.25 at the time of this writing. The 67th-largest cryptocurrency asset by market capitalization has fallen more than 5% in the past 24 hours.
On the other asset front, Altcoin Sherpa believes machine learning market Bittensor (TAO) could be headed to the downside despite its long-term strength.
“TAO still looks strong, but it’s getting closer to the danger zone, so I wouldn’t be surprised if it pulls back. Given that it is currently a leader in AI (artificial intelligence), we believe it will far exceed its ATH (all-time high) later on. “There are concerns about inflation that I’ve read about, but the medium to long term still looks pretty good.”
TAO is trading at $620.52 at the time of this writing. The 28th-largest cryptocurrency asset by market capitalization rose more than 1.5% in the past 24 hours.
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