Altcoin Psycho Draws His Key Buy Ranges For Dogecoin and 3 Altcoins
A pseudonymous crypto strategist and trader, known as ‘Altcoin Psycho’ draws the crucial levels of interest for Dogecoin (DOGE) and three more altcoins, Solana, FTX token and THORChain as the broader crypto market goes through a phase of uncertainty.
Altcoin Psycho shares in a recent video that he’s considering buying Dogecoin, but only if the meme coin hits a strong high timeframe support area.
“I am not touching DOGE unless it gets to here ($0.08). I’m not saying it’s going to go there but if it gets there, I’ll consider punting money in it.”
Currently, DOGE is trading at $0.1987, and a drop down to the trader’s $0.08 target represents a massive devaluation for the eighth-largest crypto asset.
The second altcoin on the analyst’s covers is an emerging smart contract platform called Solana (SOL). SOL has a strong demand area just below $20, says Altcoin Psycho.
“We know that there’s very sharp demand in this little cluster here ($19 – $14). One, you can look at this bounce (week of May 17th) on its own, but the thing that I like about this level is that it actually got front ran the second time (week of June 21st). Then, you can see on the weekly how sharp that recovery was. If you’re a Solana holder, that is something that you’d want to see. It’s encouraging.”
The trader outlines the weekly support level for FTT, the native asset of crypto derivatives exchange FTX. In May bulls built a strong base that catapulted the coin to its all-time high of $63.08.
“It’s one of those charts that it went up only. So it’s a bit hard to kind of find your high timeframe support… If we look at the last base that we had on FTT, we’re looking at this little region here ($8 – $12), and it’s pretty scary to think about FTT going this low… I have a sh*t ton of bids sitting in this region.”
The last coin on Altcoin Psycho’s list is decentralized exchange protocol THORChain (RUNE). RUNE is hovering above a crucial support level that had served as a staging ground for bulls to launch a parabolic ascent to $21.26 in May, says the strategist.
“I’m going to be looking for RUNE, and I’m going to be watching really closely. I’m going to be looking for it to start another move that looked like this one (rally from $4 to $16). I think once that happens, I think that’s when we’re going to see just a massive explosion in a lot of different projects within Cosmos (ATOM).”
