Crypto analyst Altcoin Sherpa has shared insightful assessments of two top meme coins – Dogecoin (DOGE) and dogwifhat (WIF). His analysis suggests distinct strategies for these two meme coins.

While the analyst views DOGE as a viable long-term hold, WIF may present short-term trading opportunities. Notably, the $2 resistance level could be a key factor in determining the trajectory of WIF’s price movements.

DOGE: A Long-Term Meme Coin Investment

Altcoin Sherpa analyzed DOGE, focusing on its potential as a long-term investment. He observed that DOGE’s price action on the daily chart is bearish, trading below the 200-day EMA. 

$DOGE still looks fine but don't really think this a great one to scalp; more just buy and hold. I dont think DOGE is a great buy for many active investors but if you just want to hold a meme and be fairly safe with it, doge is a good choice IMO. Or if you're moving big size pic.twitter.com/Y6ZP5amBGZ

— Altcoin Sherpa (@AltcoinSherpa) August 20, 2024

This trend suggests that DOGE may not be ideal for active investors looking for quick gains. However, the coin’s appeal lies in its suitability for buying and holding. This is particularly for those interested in maintaining a position in a meme coin with less need for active management. 

Sherpa emphasized that DOGE remains a viable option for long-term holders, especially if they prefer a low-maintenance investment.

Next Meme Coin to Explode? Look No Further If You Are Looking for the Next PEPE or POPCAT

Meet PandaWorld, the new meme coin currently selling at discounted presale prices! The project was inspired by the adventures of six panda siblings, utilizing their unique abilities to bring together gaming, staking, and other features.

Show more +Show less – WIF: A Scalping Opportunity with a Cautious Outlook

In contrast to DOGE, Altcoin Sherpa’s analysis of WIF indicates a more bearish trend, highlighting opportunities for short-term gains rather than long-term holding. The WIF daily chart shows a consistent downtrend, with the price trading below the 200-day EMA. 

Sherpa identifies the $2 level as a crucial resistance point, which could act as a barrier for further upward movement. While WIF experienced a favorable day recently, Sherpa cautions against holding the coin for extended periods due to its overall bearish outlook. 

Moreover, he advises that WIF is more suited for scalping, with quick trades around the $2 resistance level offering the most potential.

Going to review some memes. $WIF is having a nice day but overall trend still bearish on the 1d. 200d EMA around $2ish should be a stopping point (around there). Still don't think this is great other than scalping; wouldn't hold for too long personally pic.twitter.com/8Tbx4RcYyD

— Altcoin Sherpa (@AltcoinSherpa) August 20, 2024

Read also: How This YouTuber Plans to Make $9 Million with Ripple’s XRP Token

Conclusion

Altcoin Sherpa’s analysis provides valuable guidance for navigating the contrasting prospects of DOGE and WIF. DOGE, with its stable support and long-term potential, appeals to those looking for a reliable, low-maintenance investment. 

Meanwhile, WIF’s volatile nature presents short-term opportunities for experienced traders.

Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post DOGE Meme Coin Shows Long-Term Hold Potential – WIF Targets $2 Resistance for Quick Gains appeared first on CaptainAltcoin.