Analyst: Dogecoin could rise 140% from here
Popular pseudonymous analyst Altcoin Sherpa expects Dogecoin to rise 140% from its current price level. “In my opinion, this is one of the safest trades you can make during this cycle,” said Altcoin Sherpa.
Bullish on Dogecoin
So why exactly is Altcoin Sherpa bullish on Dogecoin? Firstly, because he expects that private individuals will again adopt the memecoin en masse in the foreseeable future.
“All Dogecoin needs is one crazy tweet from Elon Musk to blow up,” the analyst said.
He further notes that Dogecoin has great liquidity and that there is relatively little potential for declines compared to other memecoins. “This one will probably do a lot better than many other shitcoins,” is his conclusion.
Based on his chart, Altcoin Sherpa does not seem to immediately predict an all-time high for Dogecoin, but he does expect the price of the memecoin to move in that direction.
Volatility ahead for Solana
Although Altcoin Sherpa has high hopes for Solana for later in 2024, provides he on short-term volatility and erratic price action.
At the time of writing, Solana is trading at $167 and is up modestly by 2.37% over the past seven days.
This means it performs better than almost all other coins in the top 10. Only Toncoin (TON) managed to achieve a better performance last week with an increase of 5.62%.
Bitcoin and Ethereum have to make do with 1.42% and 2.13%. At the moment it seems like we are really waiting for the next catalyst that will determine whether the markets will move up or down.
Everyone is of course hoping for a continuation of the bull market, but that seems to require significantly lower inflation in America.
