Because of the favorable market, the worldwide crypto market continues to grow. The improvement in Europe’s political situation, support for Ukraine, and the rise in the US inflation rate are all contributing to the surge in crypto investments. The investors’ primary focus is on Bitcoin, which has exploded in value during the last few days.
A well-known cryptocurrency trader and analyst has shared his thoughts on Dogecoin (DOGE), the smart contract platform Solana (SOL), and another large-cap altcoin.
Dogecoin(DOGE)
Altcoin Sherpa, a pseudonymous expert, tells his followers that he’s keeping an eye on Dogecoin and will wait for more decline before pulling the trigger.
If the analyst’s predictions come true, DOGE will drop another 54 percent before regaining support and resuming its upward trend.
At the time of writing, DOGE is trading at $0.11682 up by 1.9% in the last 24 hours. The token traded in the range of $0.114010 – $0.118785. With the market sentiment being positive the coin is expected to trade in green.
Solana(SOL)
When it comes to Solana, Altcoin Sherpa says he hasn’t made up his mind. He believes that a final shakeout to the downside is likely, but that the $80 area could serve as a good accumulation zone.
He says he is not sure if this is the bottom or not; a short-term bottom appears to be feasible, but he is still waiting for one last shakeout. He thinks it’s a good idea to start scaling in about 80ish a little bit, but the market structure hasn’t changed yet.
At the time of writing, SOL is trading at $89.33 up by 4.4% in the last 24 hours. The resistance on the upside is at $90 and $91. The support on the downside is at $84.5.
FTX Token(FTT)
FTT, the utility token on crypto exchange FTX, is also on the analyst’s radar. While FTT has largely traded sideways for some time, Altcoin Sherpa says he may grudgingly switch positive on the token because he believes it is in an accumulation zone.
“FTT: How’s your stablecoin feel? Jokes aside, this 1 has held up way better than many other altcoins. I still don’t like buying this thing but I have to admit it’s looking like an accumulation.”
At the time of writing, FTT is trading at $42.97 up by 2.6% in the last 24 hours. The resistance on the upside is at $43. The support on the downside is at $42.
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Source: https://coinpedia.org/altcoin/heres-what-next-for-doge-sol-ftt-price-traders-watch-these-accumulation-levels/