A popular crypto strategist is predicting a bounce for memecoin Pepe (PEPE) and a new layer-1 project as he updates his outlook on Bitcoin (BTC).
Pseudonymous analyst Altcoin Sherpa tells his 195,100 Twitter followers that he believes Pepe will eventually put in new all-time highs, but only after shaking out weaker hands.
“PEPE: Very good place to take profits around here if you’re in from lower.
Could it go higher? Of course, I actually think it eventually will.
But in the short term, it looks a bit sketchy.
(I’m still in this one myself from much lower).”
Altcoin Sherpa uses Fibonacci retracement levels, a method of technical analysis for determining key levels for price targets, to predict a lower price level for Pepe. Looking at his chart, Sherpa indicates Pepe could decline to $0.00000136 in the near term.
Pepe is trading for $0.00000175 at time of writing, up 5.7% during the past 24 hours.
The trader says Aptos (APT) rival Sui (SUI), with its fairly illiquid tokenomics, is setting up for a move to the upside toward $1.27 after chopping around for days.
“SUI: Wouldn’t be surprised to see this do well if and when BTC chills out and alts (altcoins) have a breather. MMs (market makers) control a large amount of the floating supply I think, they’ll manipulate and pump this sh*t.”
Sui is worth $1.17 at time of writing, down 6.3% during the last 24 hours.
Looking at Bitcoin, the trader says that Bitcoin is currently in a range between $30,000 and about $26,600. He says a break above the top boundary of the range would suggest a further rally to $33,000 and beyond. On the contrary, a collapse below $26,000 would suggest continuation at least below the $25,000 level, according to Altcoin Sherpa.
“BTC: Looks ok in the short term, expecting this to trade higher and for alts to have some sort of a bounce that lasts a few days. Still quite uncertain overall though on mid-term time frames.”
At time of writing, Bitcoin is trading for $27,060, down 1.5% during the past 24 hours.
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Source: https://dailyhodl.com/2023/05/16/trader-predicts-rallies-for-pepe-and-one-additional-altcoin-updates-outlook-on-bitcoin-btc/