Altcoin Sherpa, a prominent cryptocurrency analyst, has warned that one of the largest meme coins is set to see even greater weakness in the coming days.
The anonymous trader tells his 221,500 followers on social media platform X that Dogecoin (DOGE) could drop by more than 10% from current levels after suffering losses of more than 20% this month.
Sherpa says:
“I hate to say it, but DOGE will probably continue to bleed to $0.08s. I still think it’s a good cycle for passive investors, but whatever.”
Based on the trader’s chart, the key levels to watch for in a potential downtrend for Dogecoin appear to be $0.0998, $0.0855, and $0.0736.
At the time of writing, Dogecoin is trading at $0.101.
Altcoin Sherpa also offers his opinion on Solana (SOL). According to him, if SOL overcomes the resistance level around $165, Solana can rise again to the $190 level in the short term.
The analyst said:
“A drop to $165 means that prices could go up to $190 in the short term. I personally think $120-$150 is a good place to accumulate SOL.”
As of this writing, Solana is trading at $145.
Next up is the native token of decentralized finance (DeFi) platform Aave (AAVE). Sherpa says he sees AAVE declining by at least 12% from current levels.
“AAVE had a decent bounce but I think it will go to $110 at the very least. We need to be patient. I won’t bid on DeFi until there is a sustained trend/move.”
As of this writing, AAVE is trading at $125.
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