A widely followed crypto analyst is looking at popular meme token Dogecoin (DOGE) and five other major altcoins.
Pseudonymous crypto trader Altcoin Sherpa tells their 187,800 Twitter followers that DOGE’s current pump is likely unsustainable.
“Moving prob due to some Elon news. Don’t really think this will be a sustainable pump given the market conditions; probably can be shorted around $.09.”
At time of writing, Dogecoin is up 8% over the last 24 hours.
Next, the trader shares some thoughts on Litecoin (LTC) and Polygon (MATIC).
“Some trade ideas, mostly waiting right now.
LTC: Scalp, patiently waiting for $70 if it comes, not sure if it will or not.
Also eyeing a MATIC swing position.
Stay safe out there homies.”
LTC is currently down 5% on the day while MATIC is down 2% over the same period.
Next, Sherpa looks at layer-1 platform Avalanche (AVAX), calling AVAX ugly.
“I haven’t checked this 1 in a bit, I think it still looks pretty ugly. I don’t see any signs of a reversal currently. With that said, this is a high time frame area of support, so now is not the area to short it in my opinion; would rather just wait and see.”
AVAX is down 1% on the day at time of writing.
Sherpa also takes a moment to draw out some theoretical support for Cosmos (ATOM), which is down 1.5% today.
“This is theoretical support. Wouldn’t short this area.”
Finally, the analyst outlines one top-10 altcoin looking to rally.
“$330 and then pullback? Current area is the 200d EMA too so watch out. Still, this is 1 of the strongest coins that you can probably just buy and hold for a bit (this is one to really keep tabs on for 2023). I hold a long-term bag of this.”
Binance Coin (BNB) is trading even over the last 24 hours.
Featured Image: Shutterstock/IR Stone/MrArtHit
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