Widely followed pseudonymous trader Altcoin Sherpa says a rival to Dogecoin (DOGE) could make a bigger move higher.
Altcoin sherpa tells its 196,400 followers on social media platform
“PEPE: nice move today, I didn’t really see this one coming. The volume profile shows three main areas of resistance, with the first now breaking down. I highly doubt this is a complete turnaround, but there may be some more upside potential ahead. I would be careful with this one in general.”
Looking at its chart, the next resistance level appears to be between $0.00000078 and $0.000000820.
Pepe is trading at $0.000000716 at the time of writing, up 16.9% in the last 24 hours.
Then the trader weighs in on Bitcoin (BTC) and say the market remains unclear as the major exponential moving averages (EMAs) converge just above the crypto king’s price and act as resistance.
“BTC One Day Thoughts: The overall market structure hasn’t changed much IMO (in my opinion). We’re still forming some kind of strange upper low OR consolidating for the next leg down. The cluster of one-day EMAs all act as resistance for now, but there is no apparent change.”
The trader predicts Bitcoin will reject to end the year.
“I personally don’t have a super strong opinion about where the price is going. Gut says we’ll go to $28,000 in the medium term, but I don’t really know. The last recent high reached in mid-July was a similar high to before and not really a higher level IMO.
I think we’re still in a general chopfest similar to 2019 where we saw some big progress and we’ll see a slow grind for the rest of 2023. Probably a slow grind IMO and then we’ll have some good times in December/January as always.”
Bitcoin is trading at $26,595 at the time of writing, up 0.1% in the past 24 hours.
Finally, the trader says he is keeping an eye on the AI-based altcoin Worldcoin (WLD). According to Altcoin Sherpa, WLD could be able to do this witness a price drop after a short rally, as the price is now trading close to a key resistance level.
“WLD: Total shitcoin, but I think this one makes a lower high. I’ve been in since $1.42.”
Worldcoin is trading at $1.62 at the time of writing, up 7.5% in the last 24 hours.
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Generated image: Midjourney