Renowned crypto trader Altcoin Sherpa, with a massive 195,700 followers on Twitter, is making waves in the crypto community with his bullish sentiment on Pepe (PEPE), an emerging memecoin. Sherpas believe that PEPE is on the verge of a significant rally, potentially seeing a double-digit percentage increase from its current level. Additionally, he highlighted the positive outlook for various altcoins, emphasizing their short-term bottoming pattern.
Pepe’s Potential Rally:
According to Altcoin Sherpa analysis, Pepe is showing signs of bottoming and could experience a substantial spike. Applying Fibonacci retracement levels, Sherpas suggest that PEPE may rise from around $0.00000150 to $0.00000235, representing a whopping 57% increase. Despite the recent surge of more than 2600% since mid-April, PEPE is currently trading at $0.00000150.
Altcoin Sherpa’s optimism goes beyond Pepe, as he identifies several altcoins with the potential to hit short-term bottoms. To support its claim, Sherpa shared a graphic depicting the Ethereum Arbitrum (ARB) scaling solution, the Sui Network (SUI) smart contract blockchain, and the Blur (BLUR) non-fungible token (NFT) marketplace. This chart shows a rebound from a key support level, suggesting that many altcoins could rise by 20% to 50% in the near term.
Short-lived Rally Potential:
While Altcoin Sherpa remains positive about the altcoin’s near-term prospects, he also warns that the rally may be short-lived. He acknowledged the possibility of further declines after the initial surge and questioned whether this marked a trend reversal. However, he maintains his belief that a significant upward move of 20% to 50% is imminent for many altcoins.
At time of writing, Arbitrum, Blur, and Sui were trading at $1.08, $0.471, and $0.0957, respectively. These prices offer a potential entry point for traders looking to capitalize on the anticipated altcoin rally, according to Altcoin Sherpa analysis.
Sherpa’s bullish sentiment on Pepe and the identification of potential bottoming patterns across various altcoins have caught the attention of the crypto community. As an influential crypto trader, his insights and predictions have had a major impact on the industry. Traders and investors should closely monitor Pepe’s price movements, along with the performance of altcoins such as Arbitrum, Blur, and Sui, as they navigate the volatile yet promising world of cryptocurrencies.