A well-known crypto analyst is optimistic about the potential for significant gains from a popular memecoin later this year.

Altcoin Sherpa, a pseudonymous crypto trader with a large following of 217,100 on the social media platform X, has expressed his long-term bullish outlook on Dogecoin (DOGE).

According to the analyst, while DOGE may experience choppy movements in the short term, the high timeframe charts still appear favorable. He anticipates some volatility in the near future and advises against rushing into new positions. Instead, he recommends patience, as he believes DOGE could see substantial growth later in the year.

Analyzing his chart, Altcoin Sherpa suggests that DOGE could trade within a range of $0.12 to $0.17 before potentially breaking out in 2024. At the time of writing, DOGE is priced at $0.13, reflecting a decline of more than 4% in the last 24 hours.

In a cautionary note, the analyst highlights concerns about Ondo Finance (ONDO), a project that focuses on tokenizing real-world assets (RWAs), potentially revisiting lower levels in the short term. Despite expecting a minor bounce at $1.19, he predicts ONDO may drop to around $1.10 before any significant recovery. Nonetheless, he remains optimistic about the project’s real-world asset perspective.

Currently trading at $1.22, ONDO has seen a decrease of 1.4% in the last 24 hours.

Looking ahead, Altcoin Sherpa suggests that BNB, the utility token for the BNB Chain ecosystem, might retrace to Fibonacci levels before resuming an upward trend, with key support levels around $600. He mentions being partially invested and hopes for lower entry points.

BNB is currently trading at $609, down nearly 6% in the last 24 hours.

Lastly, the analyst points out the potential for Internet of Things (IoT) project Jasmy (JASMY) to experience further gains if it maintains support at $0.0377. Despite not personally investing, he notes the coin’s strength and calls it “bizarre.”

JASMY is currently priced at $0.0357, showing a decrease of nearly 6% in the last 24 hours.

For the latest updates, subscribe to receive email alerts and follow on X, Facebook, and Telegram. Stay informed with Price Action and The Daily Hodl Mix.

Please note that opinions expressed in The Daily Hodl are not investment advice. It is recommended that investors conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at the individual’s risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice. Additionally, The Daily Hodl participates in affiliate marketing.