A popular crypto analyst is updating his price predictions for 5 altcoins in the middle of a tough week. Especially since SHIB and DOGE are trading below critical trend supports, it is a matter of curiosity.
What levels are next for SHIB and DOGE according to altcoin Sherpa?
Crypto analyst nicknamed Altcoin Sherpa says Dogecoin lags behind Shiba Inu in terms of user popularity. To determine the state of the rivalry between the two, the analyst starts with network activities:
I think it’s interesting that Dogecoin made this move, but it’s worth noting that Dogecoin isn’t even leading the meme coin market. SHIB did just that. So in these cases Shiba will be the first to act. It is good to buy the lagging one and there are many opportunities for this type of positioning, so if SHIB is really in trouble and DOGE is doing nothing, you can happily use Dogecoin for a long time and then assume it will continue. .
Altcoin Sherpa predicts that in the short term, DOGE could drop to $0.058, then to $0.052. Dogecoin is currently trading at $0.06187.
Analyst then looks at layer-2 scaling solution Polygon
Sherpa says that overall he expects MATIC to continue its downtrend despite recent price increases:
MATIC is still forming a bearish market structure. It is still accompanied by lower highs (LH) and lower lows (LL). These moves have been generally up, possibly bearish retests… This last move, although really good, has tripled in price at $0.32, finally coming down to continue.
MATIC is now up less than 2.50% in the last 24 hours and is trading at $0.8216.
Chiliz (CHZ)
Switching to popular fan token Chiliz (CHZ), Sherpa says the altcoin’s latest rally will end soon:
CHZ has done really well over the past few weeks. It has indeed outperformed many other coins, but for now I think it will do the opposite. I think it will bounce around $0.18, but I hope we will see further declines until we reach that area [$0.18 to $0.19]. Then after some consolidation we can see a more sustained move and then more downtrend.
Chiliz is in the green with 5.27% and is trading at $0.2115. The altcoin was above $0.26 just a week ago.
Phantom (FTM)
Altcoin Sherpa says $0.19 would be a good entry point for Phantom (FTM). But he points out that broader bear market conditions could cause the token to drop:
The lower range is around $0.19. There is a bottom around $0.24 and it looks likely to be the next level, but I am not entirely sure if this will continue. If you’re looking for this long term, $0.19 might be a better buy, but it’s also important to keep in mind that this is still a very bearish market structure. If the current $0.18-0.19 area goes, I think the $0.05 area will likely be next.
Phantom has seen some choppy price action in recent days. It is currently stable and trading at $0.2773.
The last on the analyst’s watchlist is Ethereum rival NEAR Protocol (NEAR).
Altcoin Sherpa thinks that the fate of NEAR may ultimately depend on how well Bitcoin (BTC) does in the future. Analyst, looking at NEAR’s chart, interprets bottom formations:
Similar to other altcoins, it has this kind of round bottom price action that looks pretty good, but I still don’t think it’s very sustainable. The price is much more likely to make this double bottom, maybe just fluctuate, maybe revisit the bottoms at three dollars and then center for a few weeks and then go up again…
For technical levels, the level Sherpa pointed to was the $3 support base:
I think it’s likely to drop further. If this drops further and this $3 bottom drops, then I suspect these will be the next areas to go from $2.75 to $1.75. If Bitcoin actually has another leg, these are some areas of interest.
At the time of writing, Near Protocol is up 6.05% at a retail price of $4.32.
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