• Crypto analyst Altcoin Sherpa predicts that memecoin Pepe (PEPE) is likely to more than double in value after a parabolic rally.
• The analyst also provides an outlook on Bitcoin, predicting it will range around the $25,000 area before continuing higher.
• He uses Fibonacci retracement levels and the 200-day exponential moving average (EMA) to support his analysis.
Altcoin Analyst Predicts 2x Rally for Memecoin
A widely followed crypto strategist and pseudonymous analyst Altcoin Sherpa has predicted that memecoin Pepe (PEPE) is likely to more than double in value after its current parabolic rally. Using Fibonacci retracement levels, he estimates that the coin’s price could bounce to a new high of $0.00000234, which is the .50 Fibonacci level. Pepe is currently trading at $0.00000116, up more than 2,000% from its earliest low price of $0.0000000551 on April 18th.
Updates Outlook on Bitcoin
Altcoin Sherpa also updated his outlook on Bitcoin (BTC), forecasting that it will likely chop around the $25,000 range for days or weeks before a move to the upside. He supports this prediction by referring to the 200-day exponential moving average (EMA), which is currently rising toward the $25,391 price level – also known as the .382 Fibonacci level. At time of writing, Bitcoin is trading for $26,569 and has decreased 0.5% during the last 24 hours.
Technical Analysis Used
Sherpa uses technical analysis tools such as Fibonacci retracement levels and exponential moving averages when making predictions about altcoins and Bitcoin prices movements in order to determine their support and resistance levels over timeframes ranging from short term trends up until medium term trends where he can identify potential entry points and exit points for investors looking to capitalize on rapid changes in market prices depending on their strategies and risk appetite profiles
Investment Risks Involved
It’s important for investors looking into cryptocurrency markets to be aware of associated risks involved with any investment decision they make since cryptocurrencies are still considered high-risk assets due to their volatile nature so proper due diligence must be conducted prior entering any position or trade within these markets
Conclusion
Cryptocurrency markets remain highly unpredictable with rapidly changing conditions; however analysts like Altcoin Sherpa provide valuable insights into price movements through technical analysis tools such as fibonacci retracements & exponential moving averages providing investors with guidance & understanding when making informed decisions about investments related these emerging markets