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.
“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.
Featured Image: Shutterstock/herryfaizal/Salamahin
Disclaimer: CryptoNewsBook is an online aggregator that fetches latest crypto news from different sources. This article is provided for general information purposes ONLY and contains data fetched from third party sources; hence, we do not endorse its accuracy. For more details, kindly visit The Source. Please report any fake news or false statement to Our Support Team. If you are the original owner of this content and wish it to be removed on this platform, kindly forward your request to Our Support Team.
Also Note: Cryptocurrencies are unregulated, and no part of this article should be understood nor interpreted as a recommendation/advice. #s8