A widely followed crypto analyst is updating his outlook on one red-hot Solana (SOL)-based memecoin.
Pseudonymous crypto strategist Altcoin Sherpa tells his 201,400 followers on the social media platform X that Shiba Inu (SHIB) rival Bonk (BONK) could still have more upside potential after a massive rally.
“BONK: bulk of move probably over, but I think this could also just continue. In short, I have no idea and it’s extremely hard to ever predict these memes. I don’t think you should short this thing right now though, even if it is in a good area for pullback.”
Looking at the trader’s chart, BONK was retesting a key level Thursday at $0.0000147 after a dip down. However, BONK later soared and is trading for $0.00002864 at time of writing, more than 1,219% from its November 15th close at $0.00000217.
Next up, the trader says that artificial intelligence (AI)-focused altcoin Fetch.ai (FET) could move another leg up after flipping a resistance level at $0.60 into support and nearing a key level at $0.77.
“FET: current level is interesting, but I am still not going to be buying around here. I’m still looking for my main AI play for this cycle to be honest. I have other bags and narratives packed but not this one (yet). $0.90 seems likely in the mid-term to be honest.”
FET is trading for $0.72 at time of writing, up 9.2% in the last 24 hours.
Lastly, the trader says that Ethereum (ETH) competitor Avalanche (AVAX) may dip down to $30 based on Fibonacci retracement levels and the 200-day exponential moving average (EMA).
“AVAX: the 200 EMA on the four-hour will get tapped eventually. I don’t know when but I would be patient. Look for $30 and lower eventually if this is the mid-term top. I have a spot bag of AVAX that I plan to keep holding for a while.”
AVAX is trading for $39.54 at time of writing, up slightly in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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