A widely followed crypto analyst and trader is mapping out key levels where Dogecoin (DOGE), Cosmos (ATOM) and Loopring (LRC) could carve a local bottom.
Pseudonymous crypto strategist Altcoin Sherpa tells his 148,200 Twitter followers that he expects meme crypto Dogecoin to continue correcting against Bitcoin (DOGE/BTC).
“Looking for those swing lows at 0.00000330 BTC ($0.20).”
At time of writing, the DOGE/BTC pair is trading at 0.00000396 BTC, worth $0.24.
The next altcoin on the trader’s radar is Cosmos, a project touted as the “internet of blockchains.” Altcoin Sherpa says he sees Cosmos correcting against Bitcoin (ATOM/BTC) to his entry zone around 0.0004 BTC ($24.25).
“ATOM: still pretty neutral on this. I think it goes down a bit more with the BTC pair and then chops (at best) for the USD pair.”
Next up is Loopring (LRC), a blockchain that empowers anyone to develop a decentralized exchange. According to Altcoin Sherpa, he’s looking to scale into LRC at $2.48 and $2.07.
“LRC: I feel comfortable with this. I’m bidding a bit lower at the 0.382 and 0.50 [Fibonacci levels].”
As for Bitcoin, the crypto strategist says that although he’s still bullish on the leading crypto asset, he says that a convincing move below $60,000 could catalyze a massive sell-off event.
“One bad thing is that this $60,000 area has been bid a lot in a short amount of time. If $60,000 falls, $50,000 should come swiftly (knowing how these things go). The last true low we had formed at $45,000 so as long as we’re higher, I’m still bullish in the midterm.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Fleren
