A popular crypto analyst shares an altcoin project that has the potential to increase in value as a result of Twitter’s acquisition by Elon Musk.
Elon Musk’s acquisition of Twitter could strengthen this altcoin project
Cryptocurrency analyst nicknamed “Altcoin Sherpa” with 174,200 Twitter followers said that Dogecoin (DOGE) “as the Twitter acquisition process progresses” “It can offer interesting opportunities,” he says.
One of the biggest supporters of Dogecoin, Elon Musk said in December 2021 that the dog-themed cryptocurrency is a better currency than any other currency he has ever seen. In this regard, Sherpa thinks Dogecoin will remain in the accumulation phase for a while:
I don’t expect a permanent DOGE rally for a while. In my opinion, meme coin usually grows strongly when it starts to pile up, marking the end of an individual cycle. However, Elon Musk’s acquisition of Twitter could create some interesting trading opportunities. I expect this to mainly disintegrate for now with some crazy Elon Musk spikes in between.
Dogecoin rose more than 15% after Elon Musk Twitter bought
DOGE is trading at $0.1388 at the time of writing. Altcoin Sherpa, valuing Dogecoin in terms of market cap, says it has a more optimistic market structure versus Ethereum (ETH) and Bitcoin (BTC):
Unlike Bitcoin, for example, Ethereum is still above recent lows It is trading at a reasonable level and has a positive market structure (so is BTC, but closer). I would like to see Ethereum form a higher bottom (HL) in the near future. As in the past, I believe it is still at the mercy of Bitcoin – if Bitcoin goes down, so does ETH.
“BTC/ETH pair may consolidate for a while”
Sherpa thinks ETH/BTC price will stay in a tight range for weeks when it comes to Ethereum/Bitcoin pair .
Looking at the chart below, Sherpa says future price movements depend on Bitcoin’s stability:
ETH/BTC has been churning for a year without really doing much. . I don’t expect any significant movement from this until BTC stabilizes and I believe we will see more consolidation in the coming months and weeks.
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