A widely followed trader says that he is bullish on the leading memecoin Dogecoin (DOGE) despite the marketwide correction.
The trader pseudonymously known as Sherpa tells his 214,200 followers on the social media platform X that he intends to accumulate Dogecoin.
“DOGE: The play in my opinion is just to buy down to $0.15 and just let this sit for this cycle. Still super bullish on DOGE doing something silly later this year.”
Dogecoin is trading at $0.167 at time of writing, close to Altcoin Sherpa’s accumulation level.
Next up, the analyst says that Bitcoin (BTC) is likely to range trade between $73,000 and $60,000 before making an upward move.
“BTC: more of the same, this is just chop before we break all-time highs.
That said, altcoins still look kind of sh*tty so I think lower for a lot of them. But still bullish on BTC on high time frames.”
Bitcoin is trading at $66,536 at time of writing, down nearly 6% in the past day.
Turning to meme asset Pepe (PEPE), the pseudonymous trader says that the meme token will likely drop to the 0.618 Fibonacci level at $0.00000468. Fibonacci retracement areas are used to mark support and resistance levels for an asset.
“PEPE has further down to go, in my opinion.”
Pepe is trading at $0.000006 at time of writing, down over 23% in the last 24 hours.
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