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″.
At the time of writing, Dogecoin is up 8% in the last 24 hours.
“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.”
LTC is currently down 5% on the day, while MATIC is down 2% over the same period.
“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.”
AVAX is down 1% on the day at the time of writing.
“This is a theoretical support. I would not shorten this area.
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.”
Binance Coin (bnb) is trading even for the last 24 hours.
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