This Crypto Trader Thinks One Dogecoin (DOGE) Rival Could Be Headed for a Breakout Soon

The pseudonymous analyst known as Altcoin Sherpa tells his 224000 followers on the social media platform X that if the

A popular crypto trader is eyeing a potential breakout in one Dogecoin (DOGE) rival and thinks another memecoin could be headed for a short price surge.

The pseudonymous analyst known as Altcoin Sherpa tells his 224,000 followers on the social media platform X that Solana (SOL)-based memecoin dogwifhat (WIF) is looking strong. According to Altcoin Sherpa, if WIF manages to break above the $2.845 range, it could rally toward $3.50.

“WIF – Key level here at $2.845. If it can break and close above this level, we should see a quick move up to $3.50. Still wouldn’t be buying at these levels personally.”

WIF is trading at $2.47 at time of writing. The 42nd-ranked crypto asset by market cap is down more than 7.6% in the past 24 hours.

Altcoin Sherpa is also keeping a close eye on another memecoin called Popcat (POPCAT). The analyst says that despite POPCAT's recent strong performance, he wouldn’t be surprised to see a short blow-off top followed by a downturn.

“Wouldn’t be surprised to see some sort of parabolic blow-off top to $2 or something and then this thing dies for a bit. All cat beta should follow the same pattern. Would NOT recommend buying most cat tokens at current levels; wait for a pullback if you can.”

POPCAT is trading at $1.25 at time of writing. The 67th-ranked crypto asset by market cap is down more than 5% in the past 24 hours.

In terms of other assets, Altcoin Sherpa thinks machine learning marketplace Bittensor (TAO) is looking strong over the long term but may be due for a pullback.

“TAO still looks strong but it’s getting near the danger area and wouldn’t be surprised for pullback. Still believe this goes far past ATH (all-time high) later given it’s the leader in AI (artificial intelligence) right now. There are some concerns with inflation that I’ve read but it still looks pretty good to me in the mid-term.”

TAO is trading at $620.52 at time of writing. The 28th-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.