A top crypto analyst has pointed out a digital asset that could skyrocket among Tesla CEO Elon Musk’s plans to buy Twitter. Here are the details.
Using the altcoin Sherpa alias, the trader told his 174,200 Twitter followers that Dogecoin (DOGE) could present “interesting trading opportunities” as the Twitter buyout continues. told.
As it is known, Elon Musk is a devoted Dogecoin (DOGE) fan who has openly expressed his support.
“DOGE: I don’t expect a permanent DOGE rally for a while. In my opinion, dog coin usually goes strong when retail investors start piling up. […] However, Elon Musk’s acquisition of Twitter could create some interesting trading opportunities.
I expect this to be mainly erratic for now and going through a period of accumulation, with some crazy Elon Musk spikes in between.”
DOGE gained just over 15% earlier this week after Twitter’s board announced it had accepted Musk’s offer to buy the platform.
Analyst Altcoin Sherpa also analyzed the two largest cryptocurrencies by market cap. The crypto trader said that Ethereum (ETH) has more of a bull market structure compared to Bitcoin (BTC).
“ETH: Unlike BTC, ETH is still well above its recent lows and still has a bullish market structure (so is BTC, but ETH is closer). I would like to see a higher low occur for Ethereum. Still, as always, I think it’s at the mercy of BTC.”
When it comes to the Ethereum/Bitcoin pair, the successful crypto trader believes that ETH/BTC will remain in a certain range. guesses.
“ETH/BTC: This has been erratic for a year, not doing much. I don’t expect a big move from this until BTC is in a healthy place and I think we will continue to consolidate further for weeks/months.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.