A widely followed cryptocurrency analyst and trader is offering his outlook on a relatively new memecoin built on the Solana (SOL) blockchain.
The analyst pseudonymously known as Altcoin Sherpa tells his 218,500 followers on the social media platform X says that he is “still bullish” on Popcat (POPCAT).
According to the pseudonymous analyst, cat-oriented memecoins “will do pretty well and play catch-up” going forward.
Altcoin Sherpa, however, says that if POPCAT forms a head and shoulders pattern on the four-hour chart, the memecoin could end up plunging lower. A head and shoulders pattern is typically considered a bearish reversal pattern in technical analysis.
“If this happens and Popcat sells off, all cat beta is going to die.”
At time of writing, POPCAT is trading at $0.871, up by 22,881% from the January 5th low of $0.00379.
The pseudonymous analyst also offers his opinion on Dogecoin (DOGE). According to the pseudonymous analyst, the leading memecoin by market capitalization could have bottomed out and could now be positioning for a consolidation phase after a pullback before a “stronger move up.”
Dogecoin is trading at $0.133 at time of writing.
Next up is Ethereum (ETH). According to Altcoin Sherpa, the second-largest crypto asset could experience increased volatility following the approval of spot Ethereum exchange-traded funds (ETFs) in the US. The pseudonymous analyst further says that Ethereum’s support level at around $3,350 offers a potential entry opportunity for a long position.
Ethereum is trading at $3,445 at time of writing.
Generated Image: Midjourney