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Largely followed crypto analyst Altcoin Sherpa is warning that more weakness is ahead for one large-cap memecoin.
The pseudonymous trader tells his 221,500 followers on the social media platform X that Dogecoin (DOGE) could depreciate by over 10% from its current level, even after bleeding more than 20% this month.
Sherpa says,
“Pains me to say it but DOGE probably keeps bleeding until the $0.08s. I still think this is probably a decent one for this cycle for passive investors but eh.”
Based on the trader’s chart, he appears to suggest that the key levels to watch on Dogecoin’s potential move down are $0.0998, $0.0855 and $0.0736.
Dogecoin is trading at $0.101 at time of writing.
Altcoin Sherpa also offers his take on Solana (SOL). According to him, Solana could revisit the $190 level over the short term if SOL overcomes a resistance level at around $165.
Says the analyst,
“A break of $165 would mean price probably goes to $190 in the short term. I still think $120 – $150 is a good place to accumulate SOL personally.”
Solana is trading at $145 at time of writing.
Next up is the native token of decentralized finance (DeFi) platform Aave (AAVE). Sherpa says that he sees AAVE falling by at least 12% from its current level.
“AAVE had a decent bounce but I think that it’s still going to go to around $110 at a minimum. Would be patient. I’m not bidding DeFi until it has a sustained trend/move.”
AAVE is trading at $125 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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