Price: $0.19595 0.8402%
Market Cap: 28.75B 1.1164%
Volume (24h): 4.37B 0.2%
Dominance: 1.1164%
Price: $0.19595 0.8402%
Market Cap: 28.75B 1.1164%
Volume (24h): 4.37B 0.2%
Dominance: 1.1164% 1.1164%
  • Price: $0.19595 0.8402%
  • Market Cap: 28.75B 1.1164%
  • Volume (24h): 4.37B 0.2%
  • Dominance: 1.1164% 1.1164%
  • Price: $0.19595 0.8402%
Home > Information news > Trader Predicts ‘Downside’ for Dogecoin Rival That’s Up Over 8,000% in Three Months, Updates Outlook on Arbitrum

Trader Predicts ‘Downside’ for Dogecoin Rival That’s Up Over 8,000% in Three Months, Updates Outlook on Arbitrum

Release: 2024/01/13 06:17 Reading: 405

Original author:TheBitTimes

Original source:https://coinmarketcap.com/community/articles/65a19467c1a9fd7f10948abc

Widely followed crypto trader Altcoin Sherpa is predicting that one red-hot Dogecoin (DOGE) rival is about to undergo a severe market correction.

The pseudonymous analyst tells his 205,300 followers on the social media platform X that Bonk (BONK) could soon dip to a much lower trading range.

However, he warns that the memecoin could still rally higher before the possible dip.

“BONK: you probably should consider getting out of this (or at least partially) around here. Expecting more downside. With that said, I definitely wouldn’t short it; I think it could still go up to $0.0000190 before more downside. But I do believe it tests much lower levels later.”

Looking at his chart, the trader suggests Bonk may soon enter a trading range with a lower bound at $0.0000100 and an upper bound at $0.0000140.

Bonk is trading for $0.0000147 at time of writing, up 8,158% from three months ago.

Next up, the trader says he is bullish on the Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB).

“ARB what about this chart is bearish? I would enter from here down to $2 and assume this is a great entry. Still bullish on ETH beta for now.”

Arbitrum is trading for $2.30 at time of writing, up nearly 6% in the last 24 hours.

Lastly, the trader believes that smart contract protocol Avalanche (AVAX) may retest lower Fibonacci retracement levels and could briefly dip below $30.

“AVAX: I suspect that a lot of these projects are going to bounce at key fib levels. AVAX did at the .382 ($34.13). Still think this one trades a bit lower to be honest. Nabbing sub-$30 would be solid.”

Avalanche is trading for $37.46 at time of writing, down more than 4% in the last 24 hours.

Source: https://thebittimes.com/trader-predicts-downside-for-dogecoin-rival-that-s-up-over-8-000-in-three-months-updates-outlook-on-arbitrum-tbt76444.html

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