- A popular trader and analyst for cryptocurrencies is sharing his thoughts on a relatively new memecoin based on the Solana (SOL) network.
The analyst known by the name Altcoin Sherpa tells his 218,500 followers on the social networking site X that he is “still bullish” on Popcat (POPCAT).
The expert, who wishes to remain anonymous, predicts that memecoins with a focus on cats would do admirably and eventually catch up.
However, according to Altcoin Sherpa, the memecoin may finish up falling if POPCAT creates a head and shoulders formation on the four-hour chart. In technical analysis, a head and shoulders pattern is usually regarded as a bearish reversal pattern.
As of this writing, POPCAT is trading at $0.871, up 22,881% from the low of $0.00379 on January 5.
The anonymous expert shares his thoughts on Dogecoin (DOGE) as well. The top memecoin by market value, according to the anonymous analyst, may have bottomed out and is now preparing for a consolidation phase following a decline before a more robust climb higher.
As of this writing, Dogecoin is selling at $0.133.
Ethereum (ETH) comes next. The US’s acceptance of spot Ethereum exchange-traded funds (ETFs) may lead to more volatility for the second-largest cryptocurrency asset, according to Altcoin Sherpa. The anonymous analyst goes on to explain that Ethereum’s support level, which is at roughly $3,350, presents a possible point of entry for a long position.
As of this writing, Ethereum is trading at $3,445 per unit.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
