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Famous cryptocurrency analyst and trader, Altcoin Sherpa, updated his views on Dogecoin (DOGE) and Maker (MKR), a popular altcoin, while issuing a warning for Chainlink (LINK). Here are the highlights from the analyst’s comments on Bitcoin as well.
Analyst’s Comments on Dogecoin, Maker, and Chainlink
Altcoin Sherpa, an anonymous cryptocurrency analyst and trader, stated that he expects the largest memecoin, Dogecoin, to increase by approximately 20% from its current level of $0.077 in the short term. The analyst said that Dogecoin could reach $0.09 in the short term. The analyst also mentioned that he closely follows the buying opportunity level for Dogecoin and that the next key support/resistance level is the 200-day exponential moving average (EMA) at $0.075.
Following DOGE, the analyst moved on to Maker, a decentralized finance (DeFi) protocol that supports stablecoin-based lending using smart contracts. The analyst believes that the leading altcoin will move around four main price levels for a while: $1,299, $1,150, $963, and $819. Altcoin Sherpa added that Maker has been one of the strongest altcoins in recent weeks but mentioned that he has not bought it yet.
The third altcoin on Altcoin Sherpa’s list is Chainlink, a blockchain-based oracle network. The analyst expects LINK, which is currently trading at $7.98, to pull back to at least $6.5. The analyst emphasized that LINK is consolidating within a specific range, with a lower boundary at $5.33 and an upper boundary at $9.33. He added that a price below the lower boundary indicates a decline, while breaking above the upper boundary indicates an upward move.
Bitcoin Needs to Break the $29,800 Threshold to Avoid a Decline
Lastly, Altcoin Sherpa evaluated Bitcoin and believes that for the crypto king to rise, it needs to surpass the 200-day exponential moving average (EMA) around $29,800.
According to Altcoin Sherpa, if Bitcoin surpasses the 200-day EMA, it could rise to $30,400. If it fails to do so, a decline to $27,800 is expected.
