Crypto Trader Updates Outlook on Dogecoin and Five Altcoins, Says One Top-10 Crypto Eyeing Short-Term Rally

A widely followed cryptanalyst is analyzing the popular Dogecoin token meme (DOGE) and five other major altcoins.

Pseudonymous cryptocurrency trader Altcoin Sherpa He says his 187,800 Twitter followers that DOGE’s current bombshell is likely untenable.

“Move issue due to some news from Elon. I really don’t think this is a sustainable pump given the market conditions; It can probably be shortened by about $0.09″.

Source: AltcoinSherpa/Twitter

At the time of writing, Dogecoin is up 8% in the last 24 hours.

Then the merchant share some thoughts on Litecoin (LTC) and polygon (MATIC).

“Some business ideas, mostly waiting right now.

LTC: Scalp, patiently waiting for $70 if it arrives, not sure if it will arrive or not.

Also looking at a MATIC swing position.

Stay safe, friends.”

Source: AltcoinSherpa/Twitter
Source: AltcoinSherpa/Twitter
Source: AltcoinSherpa/Twitter

LTC is currently down 5% on the day, while MATIC is down 2% over the same period.

then sherpa appearance on the layer 1 platform Avalanche (AVAX), calling AVAX ugly.

“I haven’t reviewed this 1 in a while, I think it still looks pretty ugly. I don’t see any sign of a reversal currently. That being said, this is a high time frame support area, so now is not the area to short it in my opinion; I would rather wait and see.”

Source: AltcoinSherpa/Twitter
Source: AltcoinSherpa/Twitter

AVAX is down 1% on the day at the time of writing.

Sherpa also takes a moment to take some theoretical support for Cosmos (ATOM), which is down 1.5% today.

“This is a theoretical support. I would not shorten this area.

Source: AltcoinSherpa/Twitter

Finally, the analyst contours a top 10 altcoin looking to bounce back.

“$330 and then I withdraw? The current area is also the 200 day EMA, so be careful. Still, this is one of the strongest coins you can probably buy and hold for a while (this is one to really keep an eye on for 2023). I have a long-term bag of this.”

Source: AltcoinSherpa/Twitter

Binance Coin (bnb) is trading even for the last 24 hours.

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Featured image: Shutterstock/IR Stone/MrArtHit