Crypto Analyst: Major Altcoins Likely to Continue Bleeding

The year 2024 started off fantastically for Bitcoin, immediately sparking speculation about a new altseason, a period in which smaller coins rise by huge percentages. So far, however, altcoins have performed dismally, and according to popular analyst Altcoin Sherpa, that could continue for a while.

Major altcoins continue to bleed

As an example, he cites Dogecoin (DOGE), which he believes could still drop by 10% from current levels, after the coin lost 20% of its price value earlier this month.

“It pains me to say it, but DOGE will probably continue to bleed until it hits $0.08. I still think Dogecoin is a good one for passive investors, but right now it looks bad.”

Based on his chart, the analyst seems to suggest that there are a few key price levels for Dogecoin to keep an eye on.

Here he points out the rates of 0.0998 dollars, 0.0855 dollars and 0.736 dollars. At the time of writing, the Dogecoin rate clocks in at 0.1016 dollars and there is an increase of 0.82% on the boards over the past 24 hours.

This is remarkable, because except for Tron, all top 10 coins experienced a decline in the past 24 hours.

Solana must overcome resistance

As for Solana (SOL), Altcoin Sherpa sees opportunities. According to him, the coin can surpass the $190 level, but for that to happen, the resistance at $165 must be overcome.

“A break through $165 would mean the price could rise to $190 in the short term. I think $120 to $150 are still good levels to accumulate Solana.”

Currently trading at $139.90, Solana has recorded a hefty drop of 4.07% on the boards over the past 24 hours.