A widely known cryptocurrency analyst believes that one Mimecoin is poised to soar to even higher levels later this year.
An analyst known by the pseudonym Altcoin Sherpa told his 217,700 followers on social media platform X that despite the ongoing downtrend for Dogecoin (DOGE), he remains bullish in the long term.
However, Altcoin Sherpa warns that DOGE is currently in a major downtrend as it has broken below its 200-week exponential moving average (EMA).
“DOGE: Still think it will make big numbers later this year, but this is really painful. It has reversed most of its previous moves and gone back to value. It has also lost its 200W EMA.”
At the time of writing, Dogecoin is trading at $0.106.
Turning to Bitcoin (BTC), Altcoin Sherpa said he expects the flagship cryptocurrency to bounce below its 200-day EMA. However, the trader warned that BTC is likely to see more pullbacks after the bounce.
“Trading below the 200-day EMA is not a good sign, but for now it’s a wait-and-see game. In both scenarios, I expect the price to bounce (if it goes lower, it will bounce here first. If it’s a real bounce, it will go to $63,000). Bottom line, I expect a higher number.”
As of this writing, Bitcoin is trading at $57,855.
Altcoin Sherpa added that how Bitcoin’s price action plays out around the 200-day EMA will likely determine the price direction.
“If we break or close above that price in the higher timeframe, things look good up to $63,000.
If it can’t be broken, let’s test it starting from the $50k range.
Right now we’re in wait and see mode.”
As of this writing, BTC’s 200-day EMA stands at $58,175.
Next up is Ethereum (ETH). Altcoin Sherpa says the second-largest cryptocurrency is looking good after bouncing back and reclaiming its 200-day EMA as support.
“ETH: It seems like the consensus here is that ETH is aspirational. Still looks like a decent chart.”
As of this writing, Ethereum is trading at $3,126.
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