While activity continues in the crypto world, popular analyst Altcoin Sherpa is eyeing opportunities in the meme token market. Sherpa awaits second rally in a major Dogecoin (DOGE) rival.
Altcoin Sherpa is eyeing the next opportunities in this meme token
Altcoin Sherpa, famous for his accurate predictions, makes remarkable claims about an altcoin that has recently increased in popularity and is shown as a rival of Dogecoin. The analyst states that there is an expectation of a second rally in this meme token, which collapsed after the last bounce of the markets.
In his analysis, Sherpa noted that the rally of the memecoin named Pepe (PEPE) is not over after it broke a decisive resistance level. “PEPE’s action today was really impressive, I did not expect this move. The volume profile shows three key resistance areas, the first of which has now been broken. I think this move is not a complete reversal, but a little more bullish is possible. “Still, one should be cautious about this coin in general,” he added.
$PEPE: Nice move today, I didn't really see this one coming. Volume profile shows 3 significant resistance areas, with the first one getting broken now. High doubt this is a full reversal but a bit more upside may be in store. Would be cautious w. this one overall. #PEPE pic.twitter.com/SggP4ROnY8
— Altcoin Sherpa (@AltcoinSherpa) September 22, 2023
According to Sherpa’s analysis, Pepe’s next resistance level lies between 0.00000078 and 0.000000820. It is trading at $0.0…06752, an increase of 2% at its current price.
Sherpa also shared his views on Bitcoin (BTC)
Altcoin Sherpa noted that Bitcoin’s market structure remains largely the same, with key moving averages (EMAs) converging just above Bitcoin’s price to form resistance. “In my view, we are either forming a weirdly higher low or consolidating for the next drop,” according to the analyst. These EMAs are currently operating as resistance, but there is no clear change”.
Altcoin Sherpa suggests that Bitcoin will decline by the end of the year. However, from a long-term perspective, positive movements are expected in December and January.
Altcoin Sherpa also watches Worldcoin closely
Finally, Altcoin Sherpa also evaluated the artificial intelligence-based altcoin Worldcoin (WLD). He noted that WLD is trading at a price close to the key resistance level after a brief rally. The analyst said, “WLD is on its way to becoming a complete garbage coin. But I think this coin will make a lower high. “I entered this coin at around $1.42,” he said. Currently, Worldcoin is trading at $1.62, up 7.5%.
Therefore, according to Altcoin Sherpa’s analysis, it is possible for meme token Pepe to make another rally, Bitcoin to decline in the short term, and WLD to face resistance. As we reported as Kriptokoin.com, Worldcoin is currently under investigation in more than one country.
The altcoin market has always had a volatile structure. This type of analysis helps investors better understand market movements. However, as always, you should be careful and do thorough research when investing.
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