A closely followed crypto trader and analyst is forecasting an upcoming memecoin explosion in the near future as long as Bitcoin (BTC) manages to stand its ground.
The pseudonymous trader Altcoin Sherpa tells his 194,000 Twitter followers that he thinks altcoins are ready to shine, with memecoins potentially having an especially volatile run to the upside.
He names Dogecoin (DOGE), Floki Inu (FLOKI) and Shiba Inu (SHIB) as potential candidates.
“I’m of the opinion alts still have a strong run coming up as long as BTC holds up. I’ll assume meme coins are going to be last to run but accumulating some of these could be good for 100x or $0.
Shill me some of your favorites and I’ll throw some $ into some of them..
DOGE FLOKI SHIB”
The trader also updates his outlook on Litecoin (LTC), saying that the former Bitcoin rival is building a clean foundation near the 200-week exponential moving average (EMA). According to Altcoin Sherpa, LTC is likely about to rally at least 11% from the $90 level up to above $100.
“LTC: I think that the 1W levels look pretty clean here; price is currently at the 200W EMA. Would be careful here.
That said, lower time frames look healthy; EMAs all lining up and I think we test low $100s again shortly.”
Looking at Bitcoin, the popular analyst says the flagship cryptocurrency is still probably stuck in a range, and is in for a correction before bulls can anticipate any significant rallies. He names $29,000 as a resistance that, if broken, can send BTC on a nice run.
“Even though we’re all celebrating now, Bitcoin is still just at the range highs. Unless we see more continuation, this is probably a decent short area with clear invalidation. High time frame close above $29k and things probably rip past 30k quick.”
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Featured Image: Shutterstock/Salamahin/Atelier Sommerland
