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Home»ALTCOIN NEWS»Trader predicts new bounce for Dogecoin and one Ethereum-based altcoin, updates outlook for two crypto assets.
ALTCOIN NEWS

Trader predicts new bounce for Dogecoin and one Ethereum-based altcoin, updates outlook for two crypto assets.

By Crypto FlexsApril 9, 20243 Mins Read
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Trader predicts new bounce for Dogecoin and one Ethereum-based altcoin, updates outlook for two crypto assets.
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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).”

source: Altcoin Sherpa/X

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.”

video
source: Altcoin Sherpa/X

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.”

video
source: Altcoin Sherpa/X

As of this writing, PROM is worth $14.25.

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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.

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