Top Crypto Analyst Shares Potential Demand Areas for Dogecoin, Cosmos, and Loopring As Altcoins Correct
A widely followed crypto analyst and trader is mapping out key levels where Dogecoin (DOGE), Cosmos (ATOM) and Loopring (LRC) could carve a local bottom.
Pseudonymous crypto strategist Altcoin Sherpa tells his 148,200 Twitter followers that he expects meme crypto Dogecoin to continue correcting against Bitcoin (DOGE/BTC).
“Looking for those swing lows at 0.00000330 BTC ($0.20).”
At time of writing, the DOGE/BTC pair is trading at 0.00000396 BTC, worth $0.24.
The next altcoin on the trader’s radar is Cosmos, a project touted as the “internet of blockchains.” Altcoin Sherpa says he sees Cosmos correcting against Bitcoin (ATOM/BTC) to his entry zone around 0.0004 BTC ($24.25).
“ATOM: still pretty neutral on this. I think it goes down a bit more with the BTC pair and then chops (at best) for the USD pair.”
Next up is Loopring (LRC), a blockchain that empowers anyone to develop a decentralized exchange. According to Altcoin Sherpa, he’s looking to scale into LRC at $2.48 and $2.07.
“LRC: I feel comfortable with this. I’m bidding a bit lower at the 0.382 and 0.50 [Fibonacci levels].”
As for Bitcoin, the crypto strategist says that although he’s still bullish on the leading crypto asset, he says that a convincing move below $60,000 could catalyze a massive sell-off event.
“One bad thing is that this $60,000 area has been bid a lot in a short amount of time. If $60,000 falls, $50,000 should come swiftly (knowing how these things go). The last true low we had formed at $45,000 so as long as we’re higher, I’m still bullish in the midterm.”
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