Crypto analyst Altcoin Sherpa, who is closely followed, predicts that the value of the biggest memecoin Dogecoin (DOGE) will increase by seven times, indicating a 600% rise. Here is the analyst’s prediction for the memecoin king.
Anonymous crypto analyst Altcoin Sherpa stated that Dogecoin will likely rise back to the $0.50 level. The analyst emphasized that this massive rise will take time and may prevent long-term investors from taking advantage of other opportunities. The analyst also expects other memecoins such as Shiba Inu (SHIB) and Pepe (PEPE) to gain momentum and rise despite DOGE:
Dogecoin is a high probability and low IQ game. You can buy DOGE now and expect it to rise to $0.30-$0.50 or even higher. This will eventually happen. This situation has three disadvantages: opportunity cost, the time it takes to happen, and the division of upward pressure between SHIB and PEPE.
The Dogecoin chart shared by Altcoin Sherpa shows that the memecoin king has started to surpass resistance levels provided by exponential moving averages one by one. The chart shows that DOGE has retested the important 89-day EMA, which investors use to confirm the shift from a downtrend to an uptrend.
After Dogecoin, the analyst also evaluated Bitcoin (BTC) and stated that he expects BTC to move upwards in the short term after finding support at the 200-day EMA. The Bitcoin chart shared by the analyst shows that the upper range of the four key price levels is between $31,458 and $31,047, while the lower range is between $29,889 and $29,508.
The analyst added, “There are four important lines in this price range; the upper and lower levels of the range and the regions close to them. The most important thing is that the price is still above the 200-EMA on the 4-hour time frame. I expect BTC to rise in the short term.”