A closely followed crypto strategist is analyzing four popular altcoins amid low volatility conditions in the market.
Starting with meme asset Dogecoin (DOGE), pseudonymous trader Altcoin Sherpa tells his 10,700 YouTube subscribers that the eighth-largest crypto asset by market cap is currently holding a key support level.
According to Altcoin Sherpa, Dogecoin’s current support level at around the $0.09 to $0.10 area is a possible entry point for a long position.
“This area should be a theoretical area of support given this high [slightly above $0.10] that was set before. So you can just think about it like this where it’s resistance several times and now it is currently support… this area could theoretically be an area to entry.”
Dogecoin is changing hands for $0.96 at time of writing.
Turning to Binance Coin (BNB), the strategist notes that the native asset of the world’s largest crypto exchange platform by volume is trading in a range between $260 and $330 and says he expects the asset to fall to the lower bound of the range.
“Choppy price action to be honest on lower time frames. You can see that this high around $330 and this low around $260, this is probably the range right now… tapped multiple times as support all throughout September, October and tapped as resistance several times as well…
Wouldn’t be surprised if maybe the lows come again but around $260.”
Binance Coin is trading for $284 at time of writing.
Next up is layer-2 Ethereum-scaling solution Polygon (MATIC). The crypto trader says that Polygon possesses upside potential that is dependent on how Bitcoin (BTC) trades.
“I think it’s likely that we see something like more upside as long as Bitcoin holds up. I wouldn’t be surprised to see this kind of go up to like the mid $1s. But again it’s really going to be dependent on Bitcoin.”
Polygon is valued at $0.89 at time of writing.
Altcoin Sherpa concludes his analysis with Ethereum competitor Fantom (FTM). According to the analyst, the smart contract-enabled blockchain presents a buying opportunity for investors at the $0.22 support level.
“I’m still going to be checking around this 0.5 [Fibonacci] level around $0.22 or so… that $0.22 area has a decent support and resistance level… that is an area that I’m looking to bid.”
Fantom is moving for $0.23 at time of writing.
Featured Image: Shutterstock/Dk008
Read the full article here
Follow us on Google News to get the latest Updates
