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A widely followed crypto analyst says one meme asset that has seen tremendous gains over the last eight months will continue its upward momentum.
In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 217,000 followers on the social media platform X that memecoin MAGA (TRUMP) will go “berserk” even though it experienced a slight pullback.
“TRUMP: this is still one of my bags and this is pulled back to the .50 [fibonacci level], I think I’m going to add to my position around here. Still bullish with this overall narrative going into [the] election and TRUMP will be talked about often by mainstream media. This goes berserk later too, in my opinion.”
The trader’s chart indicates that TRUMP could hit the $18 price tag by the end of June or the start of July. TRUMP is trading for $12.43 at time of writing, a fractional increase during the last 24 hours. On October 7th, it was valued at $0.0199, meaning it has seen a staggering gain of 61,759% since.
The analyst goes on to mention Notcoin (NOT), another red hot altcoin, saying that it’s forming a pattern that is indicative of a top.
“NOT: I’ve since changed my mind. The price action has calmed down and there’s a lot less volatility. I think that this looks a lot better now- you can see more of a consolidation pattern instead of huge spikes in both directions (which is more indicative of a top).”
NOT is trading for $0.0215 at time of writing, an increase of over 300% from its price of $0.00527 set on May 26th.
Altcoin Sherpa concludes his analysis by advising investors to accumulate “shitcoins” from now until Q4 of 2024 as he believes Bitcoin’s (BTC) dominance level will lower by then, paving the way for altcoins to print gains.
“You should probably accumulate shitcoins from now until late Q4. Hard to say what the particular timing is but most altcoin/BTC pairs are going to continue to go down in my opinion, but once Q4 rolls around, expecting BTC.d to come down and for there to be some alt action.”
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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.
Featured Image: Shutterstock/Lemberg Vector studio
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