A widely followed crypto strategist says that one altcoin is likely to more than double in value after a parabolic rally.
Pseudonymous analyst Altcoin Sherpa tells his 195,900 Twitter followers that memecoin Pepe (PEPE) is poised to rally 2x from its current price.
Using Fibonacci retracement levels, a method of technical analysis for determining an asset’s support and resistance levels, Sherpa predicts Pepe is going to bounce to a price of $0.00000234, which is the .50 Fibonacci level.
“PEPE: Added more to my existing position yesterday, I think this moves to the .50 fib eventually but will make a lower high (and I’ll also take profit along the way). I still think this eventually goes way lower but a lower high/exit pump seems likely to me.”
Pepe is trading for $0.00000116 at time of writing, up more than 2,000% from its earliest low price of $0.0000000551 on April 18th.
Next, the trader weighs in on Bitcoin (BTC) and predicts the crypto king will likely chop around the $25,000 range for days, if not weeks, before a move to the upside.
“BTC: Don’t see any real changes on higher timeframes; wouldn’t be surprised to see more ranging around the $25,000 area. If that is the bottom, I expect consolidation there for several days/weeks and then continuation higher.
Still unsure though.”
His chart shows the 200-day exponential moving average (EMA), an indicator used by traders to help determine the short-to-medium-term trend of an asset, rising toward the $25,391 price level, which is also the .382 Fibonacci level.
Bitcoin is trading for $26,569 at time of writing, down 0.5% during the last 24 hours.
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