A widely followed crypto analyst believes that Dogecoin (DOGE) competitor Pepe (PEPE) is gearing up for a steep burst to the upside.
Pseudonymous analyst Kaleo tells his 594,500 X followers that PEPE is likely preparing for a parabolic rally to levels last seen in May this year.
But ahead of the explosive price surge, Kaleo expects PEPE to take a quick plunge to retest high time frame diagonal resistance as support.
“It seems like the most likely path at this point to see a bit of a dip before running up.”
Looking at the trader’s chart, he seems to predict that Pepe will tumble to about $0.0000011 before rising to about $0.0000019.
Kaleo’s prediction appears to stem from a similar market structure he saw on the five-minute PEPE chart, where the altcoin cleared diagonal resistance before experiencing a parabolic rise.
“Manifest this.”
At the time of writing, PEPE is worth $0.00000134.
As for Dogecoin, Kaleo predicts that the top memecoin will outperform Bitcoin (DOGE/BTC) in the coming weeks.
“DOGE still looks nice, pretty solid.”
Based on the chart, it looks like Kaleo will see DOGE/BTC rise well above 0.000004 BTC ($0.12) by the end of the month. At the time of writing, the pair is trading at 0.00000259 BTC worth $0.076.
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Image generated: Midway through the journey