Anjali Belgaumkar
On Crypto Banter’s channel, analyst Sheldon discussed the current market state. Despite recent market stagnation, Sheldon remains optimistic about the potential for a strong bounce in altcoins. He discussed two specific altcoins, Solana (SOL) and Dogecoin (DOGE), and gave updates on how traders can manage their risks.
He said, “I’m pretty confident that a strong bounce is coming, possibly even today. Whenever we see a bit of green, we also see a nice dip in dominance, which means it’s time for altcoins to shine.”
For Solana, Sheldon thinks it’s not the best time for long-term investing, but it could still be good for making some quick money. He said it’s important to understand the difference between investing (holding onto something for a long time) and trading (buying and selling quickly for short-term gains). He suggested that Solana might still be good for trading over a few months and mentioned some signs to watch out for when deciding to buy or sell.
Regarding Dogecoin, Sheldon said it looks like it might be starting to go up again after a period of being low. He shared some tips on how to set up trades, like where to put “stop losses” (a way to limit losses if the price drops) and where to take profits.
He also discussed targets for how high Dogecoin might go in the short and longer term. Sheldon also outlined potential profit targets for Dogecoin, suggesting a target range of 21 to 22 cents in the near term, with longer-term targets at 40 to 45 cents.
Sheldon also discussed a few other altcoins, such as Polkadot, Chainlink, Cardano, Phantom, and Thorchain. He said it’s important to look at patterns and levels of support and resistance (places where the price tends to stop going up or down) when deciding when to buy or sell these altcoins.
