A closely watched trader in the cryptocurrency space says Dogecoin (DOGE) is likely to see significant gains once a proper bull market begins.
A pseudonymous trader known as Altcoin Sherpa tells his 209,000 followers on social media platform
“It’s not a very creative or fast trade, but DOGE will ultimately outperform tremendously this cycle. Although it doesn’t perform as well as other memes considering its market capitalization (MC), you can make 4x your money by buying and selling it at gigapumps. “Buy now, go into a coma, and then sell when the moon rises.”
According to a chart from Altcoin Sherpa, Dogecoin is facing a major breakout level above $0.18. As of this writing, DOGE is trading at $0.164, up more than 24% in the last 24 hours.
Looking at Ethereum (ETH) rival Solana (SOL), traders say that while SOL’s recent price action is somewhat disappointing in the short term, they remain bullish on the long term.
“SOL: To be honest, this is not the best candle close. + I’d like to see a strong follow-up in the next few days.
Failing that, we will probably move into the $100-120 trading range once again. “Overall, I’m not sure where this will go in the medium term, but I still have a high period of optimism.”
As of this writing, SOL is trading at $129.
Meanwhile, traders say Dogecoin’s rival Bonk (BONK) is currently presenting an opportunity. Given that it lags behind other memecoins like Dogwifhat (WIF) and Pepe (PEPE), Altcoin Sherpa says BONK will likely catch up soon.
“BONK: This is a good coin to buy right now. It still lags behind WIF and PEPE.
If a coin is this consolidated and the leader is still going, you can easily buy it right now…
At the time of this writing, the value of BONK is $0.000034, up almost 50% in the past day.
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