Analyst Predicts Huge Gains for Dogecoin in the Next Bull Market
A popular trader in the cryptocurrency space believes that Dogecoin (DOGE) will see significant gains once the next bull market begins. The trader, known as Altcoin Sherpa, says that while it may not be the most original investment thesis, DOGE still presents a high-probability opportunity for investors to make substantial profits.
Altcoin Sherpa notes that DOGE is likely to experience a massive surge in value during the next market cycle. While it may not outperform other meme coins due to its current market cap, buying and selling DOGE during this period could yield substantial returns. The trader advises investors to buy now and hold on until the price skyrockets.
Altcoin Sherpaβs chart indicates that Dogecoin is approaching a major breakout level beyond $0.18. Currently, DOGE is trading at $0.164, showing a 24% increase in the last 24 hours.
Solana Outlook
Looking at Solana (SOL), a rival to Ethereum (ETH), Altcoin Sherpa expresses some concerns about its recent price action in the short term. However, the trader remains bullish about SOL from a long-term perspective.
The trader acknowledges that SOLβs candle closes have not been very promising lately and hopes to see strong follow-up in the coming days. Failure to do so could result in another move back within the $100-120 trading range. Nevertheless, Altcoin Sherpa maintains a positive outlook on SOL in the high timeframe.
As of now, SOL is trading at $129.
Bonkβs Potential
Altcoin Sherpa sees potential opportunities in Bonk (BONK), a rival to Dogecoin. Compared to other meme coins like dogwifhat (WIF) and Pepe (PEPE), BONK has been lagging behind. However, the trader believes that BONK has a good chance of catching up soon.
Altcoin Sherpa recommends buying BONK at its current price, especially when other leading meme coins are still performing well. At present, BONK is valued at $0.000034, showing an increase of nearly 50% in the past day.
Hot Take: Dogecoin Poised for Massive Growth
In summary, Altcoin Sherpa predicts that Dogecoin will experience significant growth in the next bull market. Despite not being the most unique investment opportunity, DOGE presents a high-probability chance for investors to earn substantial returns on their capital.
The traderβs chart indicates that DOGE is approaching a breakout level beyond $0.18. If investors buy now and hold on until the price skyrockets, they could potentially make four times their investment.
Altcoin Sherpa also shares insights on Solana and Bonk:
- Solanaβs recent price action is not very promising in the short term, but remains bullish in the high timeframe.
- Bonk presents a good buying opportunity as it has been lagging behind other meme coins, such as WIF and PEPE.
Ultimately, Altcoin Sherpa advises investors to seize the potential opportunities offered by DOGE, SOL, and BONK in the current crypto market.
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