A Warning on a Dogecoin Rival
A popular crypto strategist is cautioning that a prominent competitor to Dogecoin, called Bonk (BONK), is entering a bearish trend. Altcoin Sherpa, an anonymous analyst, believes that Bonk may experience a dead cat bounce, which refers to a brief recovery in the price of a declining asset.
Altcoin Sherpa predicts that Bonk will dip below the $0.00000989 level, bounce back to around $0.0000170, and then dip again below $0.00000989. The strategist also suggests that other meme coins are likely to follow Bonk’s trend. However, Altcoin Sherpa does anticipate a bullish reversal for Bonk sometime next year.
Ethereum Expected to Cross $3,000
Altcoin Sherpa also shares insights on Ethereum (ETH), stating that it is on track to surpass the crucial $3,000 level. At the time of writing, Ethereum is trading at $2,373 and has seen a slight increase in the past 24 hours.
Hot Take: Proceed with Caution
The warning from Altcoin Sherpa serves as a reminder to exercise caution when investing in volatile cryptocurrencies like Bonk. While the analyst anticipates potential future gains for Bonk and other meme coins, they advise investors to be mindful of lower highs and market rotations. It’s crucial to stay informed and make informed decisions based on market trends.
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