A popular crypto analyst and trader is mapping out the crucial levels of interest for Dogecoin (DOGE) and three more altcoins as the broader digital asset market goes through an uncertainty phase.
In a new video, the pseudonymous trader known in the industry as Altcoin Psycho says he’s considering buying Dogecoin but only if the meme crypto asset hits a strong high timeframe support area.
“I am not touching DOGE unless it gets to here ($0.08). I’m not saying it’s going to go there but if it gets there, I’ll consider punting money in it.”
At time of writing, DOGE is trading at $0.18, and a move down to Altcoin Psycho’s $0.08 target represents a 59% devaluation for the eighth-largest crypto asset.
Another altcoin on the trader’s list is the emerging smart contract platform Solana (SOL). According to Altcoin Psycho, SOL has a strong demand area just below $20.
“We know that there’s very sharp demand in this little cluster here ($19 – $14). One, you can look at this bounce (week of May 17th) on its own, but the thing that I like about this level is that it actually got front ran the second time (week of June 21st). Then, you can see on the weekly how sharp that recovery was. If you’re a Solana holder, that is something that you’d want to see. It’s encouraging.”
Altcoin Psycho also outlines the weekly support for FTT, the native asset of crypto derivatives exchange FTX, where buyers built a strong base that catapulted the coin to its all-time high of $63.08 in May.
“It’s one of those charts that it went up only. So it’s a bit hard to kind of find your high timeframe support… If we look at the last base that we had on FTT, we’re looking at this little region here ($8 – $12), and it’s pretty scary to think about FTT going this low… I have a sh*t ton of bids sitting in this region.”
Next up is decentralized exchange protocol THORChain (RUNE). According to the crypto strategist, RUNE is hovering above a crucial support level that had served as a staging ground for bulls to launch a parabolic ascent to $21.26 in May.
“I’m going to be looking for RUNE, and I’m going to be watching really closely. I’m going to be looking for it to start another move that looked like this one (rally from $4 to $16). I think once that happens, I think that’s when we’re going to see just a massive explosion in a lot of different projects within Cosmos (ATOM).”
Featured Image: Shutterstock/Tithi Luadthong