The popular crypto analyst says that the crypto market still has great interest in meme coins among altcoins. Therefore, he predicts that the PEPE price may recover. Also, the analyst sees a resurgence on the horizon of an altcoin project.
Does PEPE still have bullish momentum among altcoins?
Crypto analyst Michael van de Poppe says the crypto market is still very interested in meme coin trading, especially PEPE. As you follow on Kriptokoin.com, the frog-themed meme coin PEPE registered a massive rally of 4000% in a month and over 500% in a week. However, it continues its decline after reaching $0.000004354 on May 5.
Michael van de Poppe says PEPE Coin trading remains high despite the recent drop in prices. PEPE jumped 35% off $0.00000230, which is actually great. PEPE price started falling again on Sunday. Also, according to the analyst, it is likely to continue falling for the next 3 days. However, the analyst predicts that PEPE Coin could rebound 50-80% after falling for a few days this week. Accordingly, it recommends taking long positions below $0.00000230. But he also advises to remain cautious of volatility.
Source: Michael van de PoppeSupport levels for PEPE are $0.00000168 and $0.00000148. Meanwhile, the analyst also notes that meme coins do not belong in his long-term investment portfolio. However, according to Van de Poppe, meme-coins like PEPE are great for trading due to high trading volume and liquidity.
Analyst predicts altcoin resurgence on the horizon
Michaël van de Poppe predicts a rally for the altcoin markets, which he believes will likely be triggered by a Bitcoin (BTC) breakout. The analyst says he closely monitors the OTHERS.D chart, which tracks how much of the crypto’s total market cap is owned by large-volume altcoins. Van de Poppe notes that OTHERS.D will fall in the short term as he believes Bitcoin will likely surpass $30,000 before altcoins join the rally. Based on this, he comments:
The time has almost come for altcoins. Bitcoin is fluctuating, most likely it will rise again soon. If $30,000 is broken and ETH/BTC bounces off 0.059 (BTC is worth $1,661) and altcoins can relax. Be patient.
Source: Michael van de PoppeLooking at Van de Poppe’s chart, he has marked 8.66% and 7.02% as potential jumping sites for OTHERS.D. At the time of this writing, OTHERS.D is hovering at 8.91%.
Van de Poppe is also looking at the leading altcoin Ethereum. The analyst believes ETH is signaling bullish as it continues to print higher lows. According to the analyst, an Ethereum breakout will likely cause a rapid price acceleration. In this context, the analyst shares the following assessment:
If we break up, it will be a quick break. Then we can start moving towards resistance. If we break this level ($2,150), there will be an expansion towards $2,700 to $2,800… First Bitcoin will move significantly and then if Bitcoin runs out, Ethereum will follow, and then other majors will follow.
“I am not interested in Meme Coins in the long run”
Meanwhile, Michael van de Poppe commented on the recent meme coin boom. He especially talks about the positive aspects of Pepe (PEPE). However, the analyst does not see meme coins as long-term investment vehicles. That’s why he says he didn’t add it to his portfolio. On the other hand, the meme acknowledges that coins are a good commercial asset. However, the analyst continues to buy Bitcoin, Ethereum and Chainlink for his long-term portfolio.
I’m not interested in buying memecoins for my long-term investment portfolio.
They are great for trading, especially $PEPE as it’s quite organic price movements, respecting all levels.
However, investment-wise, not really.
Just accumulating more $BTC, $ETH & $LINK.
— Michaël van de Poppe (@CryptoMichNL) May 8, 2023
50913
