The cryptocurrency market is struggling to gain new bullish momentum. The US elections and expectations of a rate cut by the Federal Reserve are inflating the market’s sails. Against this backdrop, a cryptocurrency analyst with a large following has been talking up the highs for the original meme coin Dogecoin. The analyst also updates his outlook for BTC and an altcoin in the Turks’ basket.
Altcoin Sherpa expects over 275% performance from DOGE!
As you have been following on Kriptokoin.com, the market has managed to recover after a sharp drop during the week. Bitcoin, the leading crypto, rose above $68,000, while Ethereum, the leading altcoin, recovered some of its losses. Meanwhile, the original meme coin Dogecoin (DOGE) managed to stand out in the market. The popular analyst nicknamed Altcoin Sherpa says that Dogecoin could reach a price above $0.50 in the next six to 12 months. This target represents a potential gain of over 275% from the current level. Here’s how the analyst explains his prediction for the meme coin:
DOGE is a great coin to own, but due to its market capitalization, its returns will not be the same as last cycle. Still, it’s a good coin if you have a large position and still want to capture some of the meme craze.
Meanwhile, DOGE was trading at $0.1351, up 4% on a daily basis. Thus, the meme coin extended its weekly gain to over 7%.
According to the analyst, XRP looks quite strong!
After Dogecoin, Altcoin Sherpa is looking at Ripple’s XRP token, a payment protocol that Turkish crypto investors also include in their baskets. The analyst thinks the altcoin is on the rise after breaking above its resistance of $0.58. In this context, the analyst says, “To be honest, XRP looks pretty strong.” According to his chart, the analyst seems to suggest that the next resistance level for XRP is $0.75. Meanwhile, XRP was trading at $0.6018 at the time of writing, up 0.3% on a daily basis. The token advanced 1.5% on the weekly chart.
Analyst says Bitcoin is ready to test $70k
Finally, the analyst discusses the leading cryptocurrency Bitcoin (BTC). According to the analyst, Bitcoin “looks strong” after retesting resistance around $65,000 as support. “I think we will test $70,000 after this reaction,” he said. Meanwhile, Bitcoin was trading at $68,350 at the time of writing, up 1.7% on a daily basis. Thus, the cryptocurrency increased its weekly gain to 2.66%.
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