Binance CEO Changpeng Zhao doesn’t share much predictions other than saying he’s bullish on the cryptocurrency space. However, an analyst that the CEO of the world’s largest stock exchange follows on Twitter draws attention. The account named CryptoGodJohn, followed by the CEO, has recently been pointing to a specific altcoin. Here are the details…
Analyst on Binance CEO’s radar pointed to this altcoin
CryptoGodJohn, a crypto trader followed by Changpeng Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume, shared several tweets featuring the popular meme coin Dogecoin (DOGE). The biggest meme coin, which has risen 2.4 percent in the last 24 hours and 9% in the last 7 days, is currently changing hands at $ 0.095. In the first of his recent tweets about DOGE, the analyst drew attention to a graphic he shared on January 31. In the chart, DOGE’s bullish momentum was observed in the one-week frame.
8% bounce and now looking to flip this resistance again
Eyes on dog coins if it breaks up https://t.co/cu2X8DxFty pic.twitter.com/tGMuXwPy2c
— Johnny (@CryptoGodJohn) February 4, 2023
Quoting this chart, the analyst pointed to DOGE’s 8 percent jump. Now, the meme has revealed that it wants to reverse the coin’s resistance level. He said he expects a breakout in “dog coins” in general as resistance around 0.10 is turned into support. So, he highlighted the possibility of a similar breakout in other meme coins. Apart from that, the analyst stated that DOGE seems to be preparing for the next uptrend.
$DOGE coin looks like it’s prepping for next leg up pic.twitter.com/1LO9WqHbA9
— Johnny (@CryptoGodJohn) February 4, 2023
There may be a withdrawal
However, DOGE does not seem to have acted exactly as the analyst expected. Because CryptoGodJohn went one step further and opened a long position with the thought that DOGE might break. cryptocoin.com As we have reported, the term long position indicates that an investor buys a coin with the expectation that its value will increase. However, the trader said that he has incurred losses on this position.
https://twitter.com/CryptoGodJohn/status/16220572332222606848
In general, it seems that the analyst will start to be careful after this week, where we spent the last days with a slight rise. The trader states that “it is possible that we will see a reasonably sized pullback next week.” That’s why he said he saw a few signs in the next few days to start being a little more careful.
Meanwhile, 63 percent of Dogecoin (DOGE) holders profit from spot prices, according to InTheBlock on-chain data. Only 35 percent are at a loss, while only 2 percent are at breakeven. DOGE is among the top 10 cryptocurrencies with a market capitalization of $12.4 billion. On-chain trackers reveal that the majority of DOGE holders (74 percent) have held their cryptocurrencies for more than a year. Meanwhile, 23 percent spent most of the last year with their coins. Less than 3 percent of DOGE holders have recently purchased the coin.
