A trending cryptocurrency trader is expressing positiveย tendency sentiment on one relatively new Dogecoinย (DOGE) and Shibaย Inuย rival.
Pseudonymous cryptocurrency trader Cryptoย Altcoin Sherpa tells his 195,700 Twitter followers that memecoin Pepe (PEPE) is forming a bottom and could rally by double-digit percentage points from current levels.
Applying the key Fibonacci retracement levels, Sherpa reveals PEPE could surge from around $0.00000150 to $0.00000235, a 57 percent rise.
โPEPE: Nothing has changed from my original idea of this chopping from here and the 0.786 Fibonacci level.
I think that this is forming a bottom, though, in the mid-term. And this is going to go to at least the 0.50 Fibonacci level.โ
PEPE, which is up by over 2,600 percent since mid-April, is currentlyย worth $0.00000150 at time of writing.
Turning to other cryptocurrency assets, Sherpa says that โmanyโ cryptoย altcoins have bottomed over the short run.
Althoughย while attaching the charts of Ethereumย (ETH) growing solution Arbitrum (ARB), smart contract blockchainย tech Sui Network (SUI) and non-fungible cryptoย token (NFT) marketplace Blur (BLUR), which seemย to show the 3 cryptocurrency assets bouncing off a levelย ofย support, ourย trending trader reveals that numerous cryptoย altcoins could rally by betwixt 20 percent to 50 percent going forward.
Nonetheless, Sherpa isย warning that the rally mayย be short-lived.
โI still think that numerous alts are short-term bottoming. To be determined if this is any sort of tendency reversal; I personally doubt it.
Still, I think a 20-50 percent move up for aย lotย of these is coming (maybe further downside after that, though).โ
Arbitrum, Blur, and Sui are trading for $1.08, $0.471, and $.0957, respectively, at time of writing.
Generated Image: Midjourney
