A crypto trader who has built a large following with his timely altcoin calls says that Dogecoin (DOGE) and its biggest competitor are due for big gains.
The pseudonymous trader known as Altcoin Sherpa tells his 171,000 Twitter followers that he’s aiming to accumulate Shiba Inu (SHIB) with the expectation that DOGE triggers rallies in SHIB.
“Strategy: Buy SHIB spot (just layer/[dollar cost average] in), let it sit for 1-6 weeks, wait for it to pump during that time. Easy 50%+. Should outperform most other strategies.”
The analyst says that Dogecoin and its competitors will likely rally together, but he prefers SHIB’s technicals.
“I think other dog coins likely pump if doge starts to pump hard. DOGE and SHIB are close in [market cap] but I prefer SHIB because I like the chart more.”
Altcoin Sherpa doesn’t give an exact time horizon for when he expects Shiba Inu to rally, but he’s anticipating that SHIB goes parabolic sometime at the end of the current cycle before crypto markets reset.
Looking at Bitcoin (BTC), the popular analyst is still confident that the leading crypto by market cap is headed higher in the near term. According to him, BTC is in a consolidation zone before a bounce of roughly 22% from current prices.
“I’m still confident this is going up. This is consolidation before it goes to 55kish IMO. Just like August 2021, flipped 200D EMA and range high. Chop chop and then go higher. Close below 44k on HTF and I’m changing ideas.”
Altcoin Sherpa also compares current price action to August of last year when BTC broke free of a sideways range before going on a run.
“If you look on lower time frames it just seems like standard pause similar to August 2021 after it broke out of its consolidation.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
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 loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/AlexRoz/Nikelser Kate/WindAwake