A popular cryptocurrency trader is expressing bullish sentiment on a relatively new rival to Dogecoin (DOGE) and Shiba Inu (SHIB).
Pseudonymous cryptocurrency trader Altcoin Sherpa says his 195,700 Twitter followers that the memecoin Pepe (PEPE) is bottoming out and could recover by double-digit percentage points from current levels.
By applying the key Fibonacci retracement levels, Sherpa says that PEPE could rise from around $0.00000150 to $0.00000235, an increase of 57%.
“PEPE: Nothing has changed since my original idea of this cut here and the 0.786 Fibonacci level.
I think this is building a bottom, however, over the medium term. And this will go at least to the 0.50 Fibonacci level.”
PEPE, which is up more than 2,600% since mid-April, is trading at $0.00000150 at the time of writing.
Moving on to other crypto assets, Sherpa says that “many” altcoins have bottomed out in the near term.
Attaching graphs of Ethereum (ETH) scaling solution Arbitrum (ARB), smart contract blockchain Sui Network (SUI) and non-fungible token market (NFT) Blur (BLUR), which appear to show the With three crypto assets bouncing off a support level, the popular trader says many altcoins could rally 20-50% in the future.
However, Sherpa warns that the rally could be short-lived.
“I still think that many alternatives are bottoming out in the short term. It will be determined if it is some type of trend change; I personally doubt it.
Still, I think a 20-50% increase is in the offing for many of these (although maybe lower after that).”
Arbitrum, Blur, and Sui are trading at $1.08, $0.471, and $0.0957, respectively, as of this writing.
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