A widely followed crypto strategist believes that top meme token Dogecoin (DOGE) looks bullish even after last week’s marketwide correction.
Pseudonymous analyst Altcoin Sherpa tells his 214,100 followers on the social media platform X that DOGE has managed to stay above a key support level on the weekly chart even after dropping to a seven-day low of $0.169.
With the weekly support intact, the trader now sees DOGE igniting a nearly 60% rally from current levels.
“DOGE: held above [the] weekly level for now, resume the pump to $0.32.
I think being long DOGE is a completely reasonable idea and I think that its one of the safer trades you can do. Probably outperforms a lot of other stuff too, to be honest.”
At time of writing, DOGE is trading for $0.197.
Next up, the analyst is also bullish on the native asset 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’s a new coin and looks like it’s forming a mid-term bottom. Will be selling this around $6.70-ish with a stop below the lows (high time frame close below $4.75 = I’m out).”
At time of writing, ETHFI is worth $5.69.
The trader is also keeping a close watch on the cross-chain messaging protocol Wormhole (W). The analyst shares a chart suggesting that W is forming a rounding 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 be up several multiples in the next few weeks as long as BTC is stable.”
At time of writing, W is trading for $0.995.
The last 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 I traded it a lot back in 2021. Currently consolidating in this range and I don’t see any true break *yet*. Would wait for price to either tap the lows at $9.50 or break the highs above $16.”
At time of writing, PROM is worth $14.25.
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Generated Image: Midjourney