Widely followed analysts said that there is a large increase expectation for several altcoin projects. Here are the details…
Altcoin Sherpa expects bullish for Dogecoin: it will increase 7x!
A crypto analyst following the publication says that dog-themed Dogecoin (DOGE) is almost certain to increase sevenfold. Altcoin Sherpa tells its 195,900 Twitter followers that Dogecoin will likely reclaim the $0.50 level. But Sherpa notes that this can take time and may discourage long-term owners from investing in other opportunities. He also warns that other meme coins like Shiba Inu (SHIB) and Pepe (PEPE) could gain momentum. The analyst says:
DOGE: A high probability/low IQ game, you have to buy DOGE now and go into a coma and then wait for it to go up to $0.30-0.50 or even higher. This will happen eventually. The downsides are the opportunity cost, it takes a long time, and the energy can go to SHIB and PEPE.
DOGE exits exponential moving average
According to Sherpa’s chart, DOGE is emerging from the resistance levels shown by the exponential moving averages. The chart shows DOGE retesting the key 89-day EMA, which traders use to show a trend reversal. As we reported as Kriptokoin.com, DOGE was last traded at $ 0.50 in 2021. Dogecoin is worth $0.0709 at the time of writing, up 3.9 percent in the last 24 hours. The trader also stands on Bitcoin (BTC). It predicts an upside move in the near term after finding support at the 200-day EMA. The analyst is targeting $31,458 and $31,047 at the upper limit and 29,889 and $29,508 at the lower limit in Bitcoin.
Sherpa is also assessing when the altcoin market might rise. He says there are three main situations that indicate money is starting to flow back into altcoins. The description is as follows:
There are three peak times for altcoin season. I’ll probably start a thread on this next week, but here are a few key principles to consider.
- If BTC moves within a certain range (in a healthy way)
- If Bitcoin gets too high
- If we are in December/January
These three are somehow related but also separate.
Analysts focus on XLM
On the other hand, investor sentiment has skyrocketed after Ripple’s massive legal victory over the US Securities and Exchange Commission (SEC). Specifically, US judge Analisa Torres ruled that XRP is not an unregistered security. This brought a new boost of optimism for the strongly correlated XLM. The catalyst set mentioned above took XLM to new heights. The token is now targeting $0.20, a milestone price point it last reached in April 2022. XLM’s price rose by around 75 percent in the past week, with monthly gains of a staggering 112 percent.
From a technical standpoint, the crypto asset is in a good place, according to analyst Vahid Karaahmetovic. XLM in particular is trading well above its main moving averages (MAs) after last week’s price surge helped it break through key resistance levels. Assuming the bullish pressure remains strong, Stellar could climb up to $0.24 during this run, where the next strong resistance zone is located. With the recent price jump, Stellar has been the top-performing cryptocurrency on the daily charts for two days in a row. There are a number of factors that contributed to Stellar’s remarkable rally. Most importantly, XLM is significantly related to XRP because of its common goals and underlying technology. Recently, XLM has also been supported by Stellar’s major partnerships that have facilitated the adoption of payment solutions. Meanwhile, Coinbase, the world’s second largest cryptocurrency exchange, recently integrated with Stellar.
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