Top Crypto Trader Updates Outlook on Dogecoin, Ethereum and One Altcoin That’s Exploded 70% This Month
A closely followed analyst is updating his forecast on Dogecoin (DOGE), Ethereum (ETH) and one altcoin that has outperformed the crypto markets at large this month.
Pseudonymous crypto analyst Altcoin Sherpa tells his 185,600 Twitter followers that he thinks Dogecoin’s price rise remains strong due to the effect of Elon Musk buying Twitter.
“Shrugged off the recent move down and is continuing. Typically, DOGE leading the market is a bad sign but I think that there are some different circumstances given the Elon (Musk) at Twitter thing. I think this still looks good and $0.088 is coming.”
Musk has heavily praised the meme asset in the past, which has some investors speculating he will integrate DOGE into Twitter, such as through an existing feature that allows users to tip people in Bitcoin (BTC) and Ethereum. At time of writing, DOGE is swapping hands at $0.085.
Altcoin Sherpa next sets his sights on Ethereum, the leading smart contract platform and second-largest crypto by market cap. Altcoin Sherpa says he expects Ethereum to rise even higher.
“I still think that more upside is coming; the reason is that price chopped around at the $1,300 levels for a while. I expect at least mid $1,600?”
At time of writing, Ethereum is changing hands at $1,548.
Lastly, he says the decentralized exchange token Sushiswap (SUSHI) is likely to continue its rise after gaining support at $1.58.
“Incredibly clean S/R (support/resistance) test of $1.58, let’s go to $1.87 now.”
Earlier this month, SUSHI hit a low of $1.02 and recently climbed to a high of $1.74, an over 70% increase. At time of writing, SUSHI is trading hands at $1.67.
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