Popular crypto analyst Nicholas Merten predicts that as Dogecoin (DOGE) comes down after its impressive run, the rebalancing of funds will inspire currently undervalued altcoins to rally.
Merten tells his 434,000 YouTube subscribers that he doesn’t want to be bearish on Dogecoin (DOGE), which is trading around $0.303 at time of writing and is up a whopping $414.4% in the past two weeks.
Still, Merten does refer to DOGE as an “excessively risky coin” that is “overinflated in value.”
As Dogecoin temporarily steals the show, Merten notes that there are opportunities to secure value in other more fundamentally sound altcoins.
“What you’re seeing here is that as Dogecoin starts to pullback here… you start to see a lot of the cryptocurrencies across the board that were losing some of that market share now starting to regain it as Doge is looking like it’s very clearly double-topping…
A lot of that value is now going to shift out as the order books and the markets are finalized. People who got in early are profit taking, and they’re going onto the next venture.”
Merten predicts that value from Dogecoin will circulate out into the decentralized finance (DeFi) and enterprise blockchain spaces.
He notes that altcoins as a whole are performing fairly well against Bitcoin, which he says is “holding up quite nicely” after its price tumbled from around $62,000 this past weekend to around $53,000.
l
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Featured Image: Shutterstock/Tithi Luadthong
Credit: Source link
