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Home»ALTCOIN NEWS»Trader predicts ‘downside’ for Dogecoin rival, up more than 8,000% in three months, updates Arbitrum’s outlook.
ALTCOIN NEWS

Trader predicts ‘downside’ for Dogecoin rival, up more than 8,000% in three months, updates Arbitrum’s outlook.

By Crypto FlexsJanuary 14, 20243 Mins Read
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Trader predicts ‘downside’ for Dogecoin rival, up more than 8,000% in three months, updates Arbitrum’s outlook.
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Widely followed cryptocurrency trader altcoin Sherpa is predicting that one hot Dogecoin (DOGE) competitor will soon experience a severe market correction.

anonymous analyst says 205,300 followers on social media platform

However, he warns that Memcoin could still see an uptick before falling.

“BONK: Maybe you should consider getting out of here (or at least partially). Further declines are expected. With that said, I wouldn’t short-circuit it. I think it could still go up to $0.0000190 before falling further. But I believe it tests much lower levels later.”

Source: Altcoin Sherpa/X

Looking at the chart, the trader suggests that Bonk will soon enter a trading range with a lower limit of $0.0000100 and an upper limit of $0.0000140.

Bonk is trading at $0.0000147 at the time of this writing, up 8,158% from three months ago.

Next is the merchant Called He is bullish on Ethereum (ETH) layer 2 scaling solution Arbitrum (ARB).

“ARB Is this chart bearish? I’m going to enter up to $2 here and I’m assuming this is a good entry. For now, we remain bullish on ETH beta.”

video
Source: Altcoin Sherpa/X

Arbitrum is trading at $2.30 at the time of this writing, up almost 6% in the last 24 hours.

Finally, the merchant Believe Smart contract protocol Avalanche (AVAX) could retest the lower Fibonacci retracement level and temporarily fall below $30.

“AVAX: I think many of these projects will bounce back from major lie levels. AVAX hit .382 ($34.13). Still, to be honest, I think this one trades a little lower. It will definitely stay under $30.”

video
Source: Altcoin Sherpa/X

Avalanche is trading at $37.46 at the time of this writing, down more than 4% in the last 24 hours.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Featured image: Shutterstock/camilkuo/AtlasbyAtlas

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