A widely followed crypto strategist believes that the top meme token Dogecoin (DOGE) is looking bullish even after last week’s market-wide correction.
Pseudonymous analyst Altcoin Sherpa tells his 214,100 followers on social media platform
With the weekly support intact, the trader can now sees DOGE is fueling a nearly 60% rally from current levels.
“DOGE: Held above [the] preliminary weekly level, the pump resumes to $0.32.
I think being long DOGE is a perfectly reasonable idea and I think it is one of the safer trades you can make. Honestly, it probably performs better than a lot of other things too.
At the time of writing, DOGE is trading at $0.197.
Next, the analyst is also bullish on the native assets of the Ethereum (ETH)-based decentralized liquid staking protocol Ether.fi (ETHFI). Altcoin Sherpa says ETHFI is in a position to bounce as long as it trades above $4.75.
“ETHFI: I bought around here. I like the chart + it is a new coin and it looks like it is forming a medium term bottom. I will sell this around $6.70 with a stop below the lows (high timeframe closes below $4.75 = I’m out).”
At the time of writing, ETHFI is worth $5.69.
The trader is also keeping a close eye on the cross-chain messaging protocol Wormhole (W). The analyst shares a chart suggesting that W is forming a rounded bottom reversal pattern on the hourly time frame.
“W: I want to buy this on the way up. Could be good. I still believe this will rise several times in the coming weeks as long as BTC is stable.”
At the time of writing, W is trading at $0.995.
The final altcoin on the analyst’s radar is Prom (PROM), a layer-2 protocol designed to enable interoperability between blockchains. According to Altcoin Sherpa, PROM appears to be trading in a wide range between $9.50 and $14.95.
“PROM: This is a coin I bought and traded a lot in 2021. Currently I’m consolidating in this range and don’t see any real breakthrough *yet*. I would wait for the price to reach the lows at $9.50 or break the highs above $16.”
At the time of writing, PROM is worth $14.25.
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Generated image: Midjourney