Analyst Predicts Memecoin to See Significant Growth, Revises Forecast on BNB and Two Other Altcoins
A popular crypto analyst has recently shared his thoughts on the market performance of several cryptocurrencies, noting that one memecoin in particular has the potential for substantial gains in the coming months. Altcoin Sherpa, who boasts over 200,000 followers on the social media platform X, expressed a long-term bullish sentiment towards Dogecoin (DOGE), emphasizing the positive outlook for the digital asset despite some short-term choppiness. Altcoin Sherpa shared charts indicating a potential price range for DOGE between $0.12 and $0.17, with expectations of a breakout later in the year. It’s worth noting that DOGE is currently valued at $0.13, experiencing a 4% decrease within the past 24 hours.
Moving on to other altcoins, the analyst issued a cautionary statement regarding Ondo Finance (ONDO), a project focused on tokenizing real-world assets. Altcoin Sherpa believes that ONDO may revisit lower price levels in the near future, potentially reaching a low of $1.10 before experiencing a small bounce at $1.19. Despite this short-term setback, the analyst maintains a bullish stance on ONDO, making note of its real-world asset perspective. Currently, ONDO is trading at $1.22, with a 1.4% decline in the last 24 hours.
Additionally, Altcoin Sherpa revised his forecast for BNB (BNB), the utility token for the BNB Chain ecosystem. The analyst suggests that BNB may retrace to Fibonacci levels before resuming its upward trajectory, highlighting a potential downside target of $600. However, Altcoin Sherpa remains optimistic, indicating a desire to enter the market at lower price levels. As of now, BNB is trading at $609, showing a 6% decrease within the last 24 hours.
Lastly, the analyst commented on the Internet of Things (IoT) project Jasmy (JASMY), pointing out its potential for further growth if it manages to maintain support at $0.0377. Despite not personally investing in JASMY, Altcoin Sherpa acknowledges its strength and finds its performance to be quite intriguing. JASMY is currently priced at $0.0357, experiencing a 6% decrease within the last 24 hours.
Overall, the analyst’s insights provide an interesting perspective on the potential movements of these altcoins in the market. However, as with any investment, individuals should conduct their own research and exercise caution before making any financial decisions.