A popular crypto analyst is providing the forecast for a handful of crypto assets as the markets try to stabilize after a rocky week of trading.
In a new strategy session, the pseudonymous Altcoin Sherpa says that Dogecoin (DOGE) actually lags behind fellow dog-themed meme coin Shiba Inu (SHIB) in terms of user popularity.
“I think it’s interesting that Dogecoin did have that move, but it’s also interesting to note that Dogecoin didn’t even lead the meme coin market, SHIB did. So Shiba will be the one that’s the first mover in these situations.
It is good to buy the laggard, and there’s a lot of opportunities to trade these types of trades, i.e. if SHIB moons really hard and DOGE is not doing anything, you can happily just long Dogecoin and then just assume that it’s going to follow.”
In the near term, Altcoin Sherpa predicts DOGE could fall to $0.058 first and then $0.052.
At time of writing, Dogecoin is trading for $0.062.
Altcoin Sherpa next looks at layer-2 scaling solution Polygon (MATIC) and says overall he expects the crypto asset to resume its downtrend despite recent price surges.
“This is still a bearish market structure, still lower highs [and] lower lows. These moves [up] overall have probably just been bearish retests…
This recent move up, although it was really good, $0.32 tripled in price to a dollar, it’s still a lower high [and]… further continuation downward is coming.”
Polygon is currently up less than 2.50% and valued at $0.83.
Moving on to Chiliz (CHZ), utility token of sports fan engagement platform Socios.com, the chart expert believes the altcoin’s recent rally will soon fizzle out.
“This coin did really well the last few weeks. It really outperformed a lot of other coins, but for now I think that it’s a coin that probably can be shorted.
I do think that it will provide a bounce around the $0.18 area, but I expect that we’re going to see more grinding down until we hit that area [$0.18 to $0.19]. Then we might see a more sustainable move after some consolidation and then more downtrend.”
Chiliz is in the red by 4.27% and changing hands for $0.20. The altcoin was worth over $0.26 just a week ago.
Altcoin Sherpa thinks $0.19 could be a decent entry point for enterprise-grade blockchain platform Fantom (FTM), but does caution that broader bear market conditions might send the token plunging.
“The range low is around $0.19. There is this floor around $0.24 that looks like it probably will be the next level up, but I’m not exactly sure if that’s going to hold. $0.19 might be a better buy if you are looking for this for the long term, but it’s also important to note that this is still just a very bearish market structure.
It’s certainly looking like if this current $0.18-$0.19 area goes, then the $0.05 area is probably next, in my opinion.”
Fantom has seen some choppy price action in recent days, currently flat and trading for $0.28.
Last on the analyst’s watchlist is Ethereum (ETH) competitor NEAR Protocol (NEAR). Altcoin Sherpa thinks the NEAR’s fate might ultimately be tied to how well Bitcoin (BTC) holds up in the future.
“Similar to the other altcoins, it has this kind of rounded bottom type of price action that looks pretty decent, but again I don’t think it’s very sustainable. It’s much more likely that price does this double bottom, maybe it’ll just chop around, maybe it’ll revisit the lows again at three bucks, and then chop around for several weeks, and then grind back up…
I think it’s likely that this just goes lower. If this does go lower and this $3 floor falls out, then I would suspect this $2.75 all the way down to $1.75 area would be the next areas up.
These are some areas of interest if Bitcoin does in fact have another leg down.”
At time of writing, Near Protocol is up by 8.05% with an asking price of $4.32.
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Featured Image: Shutterstock/Tithi Luadthong