Trader Says Memecoin That’s Up 2,600% in a Month To ‘Move Higher’, Updates Outlook on Bitcoin and Two Altcoins
A popular crypto strategist is predicting a bounce for one memecoin that posted big gains in a single month as he updates his outlook on Bitcoin (BTC) and two altcoins.
Pseudonymous analyst Altcoin Sherpa tells his 195,600 Twitter followers that Pepe (PEPE) will likely make a break to the upside after several more days of consolidation.
Using Fibonacci retracement levels, a method of technical analysis for determining an asset’s support and resistance levels, Sherpa believes Pepe will chop around a range with a top boundary of $0.00000184 and a lower boundary of $0.00000126 before a bounce.
“PEPE: Expecting chop between here and the .786 area and then a move higher eventually. I still am exposed to PEPE and will sell it higher.”
Looking at his chart, he predicts PEPE will break out of the range and rally toward $0.00000285 around May 24th.
Pepe is worth $0.00000150 at time of writing, up 2,620% from its all-time low of $0.0000000551 on April 18th.
Next, Sherpa says Bitcoin is not performing as strongly as he had previously predicted, but believes that in the near term, the crypto king will continue to chop around in the range between $30,000 and about $26,600.
“BTC: It’s still looking a bit grim here on lower time frames; I thought this would get to at least $28,000, but I look to be wrong. This area still should be support for now but it’s extremely choppy and uncertain. Stay safe.”
According to Sherpa’s chart, a break above the top boundary of the range would indicate a further rally to $33,000 and higher. However, a collapse below $26,000 would indicate continuation at least below the $25,000 level.
Bitcoin is trading for $26,918 at time of writing, down 0.5% during the last 24 hours.
Altcoins on the trader’s radar include crypto staking solution Lido (LDO).
Using Fibonacci retracement levels, he predicts a fall down to around the $2 level, about an 8% drop from its current price of $2.18 at time of writing.
“LDO: Half at .50 and half at .618. I think there is some higher time frame support around $2 to the left of the chart.”
Sherpa also looks at native asset of the non-fungible token (NFT) marketplace Blur (BLUR), and he predicts a big move to the upside after a period of consolidation around its current $0.46 level at time of writing.
“Still thinking that most altcoins are bottoming out in the short term. Expecting a higher move for many of these, maybe like 10-30% up. i.e. BLUR here.”
Looking at his chart, the trader believes Blur will cross the $0.66 level later this month before dipping.
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