A widely followed crypto analyst says a meme asset that has posted huge gains over the past eight months will continue its upward momentum.
In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells According to its 217,000 followers on the social media platform
“TRUMP: This is still one of my bags and it has been retired to the .50 [fibonacci level]I think I’m going to expand my position here. Still optimistic about this overall story [the] elections and TRUMP will be discussed often by the mainstream media. This is also going to be infuriating later, in my opinion.
The trader’s chart indicates that TRUMP could reach the $18 price tag in late June or early July. TRUMP is trading at $12.43 at the time of writing, up fractionally over the past 24 hours. On October 7, the stock was valued at $0.0199, meaning it has seen a staggering 61.759% gain since then.
The analyst further mentions Notcoin (NOT), another red-hot altcoin, proverb that it forms a pattern indicative of a top.
“NOT: I’ve since changed my mind. The price action has calmed down and there is much less volatility. I think this looks a lot better now: you can see more of a consolidation pattern rather than huge spikes in both directions (which is more indicative of a top).
NOT is trading at $0.0215 at the time of writing, up more than 300% from the price of $0.00527 set on May 26.
Altcoin sherpa concludes his analysis by advising investors to accumulate ‘shitcoins’ from now until the fourth quarter of 2024, as he believes Bitcoin’s (BTC) dominance level will decline by then, paving the way for altcoins to make gains.
“You should probably be collecting shitcoins from now until the end of Q4. Hard to say what the specific timing is, but most altcoin/BTC pairs will continue to fall in my opinion, but once Q4 rolls around I expect BTC.d to drop and some alt action to occur.
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Featured image: Shutterstock/Lemberg Vector studio