Pepe Coin’s bull run that started in mid-April has once again brought meme coins into the trend. According to current analysis of altcoin Sherpa, this crypto industry will soon return all its earnings.
Altcoin Sherpa shared its new predictions based on historical data
The popular crypto analyst has updated his forecasts for Bitcoin (BTC), ARB and SUI. In a separate thread, the meme warned that coins will likely crash.
Altcoin Sherpa says that Bitcoin has no clear uptrend or downtrend and continues to trade sideways. According to their analysis, the price of Bitcoin has been stuck in the $25,000 to $30,000 range for the past 48 days. The previous Bitcoin range was around $19,500 to $25,000 and lasted 57 days.
Looking at the chart above, Sherpa said, “The problem for most traders over the last six months is that there is no sustained trend environment like in 2020 and 2021 (for altcoins). Overall we’ve only seen a few trending weeks, then bearish again. Know yourself and where to position yourself well.”
Browsing historical data, the analyst suggests that Bitcoin, which has been trading in the range of $25,000 to $30,000 for 48 days, may soon take action. Accordingly, it had spent 57 days in the previous 19,500 to 25,000 range. It has been trading for 48 days in the current price range.
Opportunities in the Sui Network (SUI) chart
Using the Fibonacci retracement levels, Sherpa predicts that the SUI will revisit the $1.29 bottom. However, he warns that if Bitcoin drops, the SUI could drop to $1.24:
The December bottoms are expected to hit around $1.29 by the end of the year, but I think if Bitcoin drops, it will go much lower. Still, as long as BTC is stable, it appears to be somewhat of an accumulation phase.
Altcoin Sherpa says meme coins will go to zero
As Kriptokoin.com, we have stated that Pepe Coin has not fallen off the agenda with its high earnings in just a few weeks. Altcoin Sherpa warns that Pepe and other meme coins will likely crash:
PEPE derivatives i.e. all other memecoins are flying right now. But be warned; all of which will go to $0 and be short-lived.
PEPE derivatives are going to moon, aka all the other memecoins right now. but be warned; these are all going to go to $0 and will be short lived. Full on casino over the next few weeks IMO, same story as it always is. pic.twitter.com/xDixECHs6T
— Altcoin Sherpa (@AltcoinSherpa) May 5, 2023
Graph (GRT) price ready for further decline
According to technical analysis from Azcoinnews analyst David, GRT continues to show signs of weakness. After bottoming at $0.52 in November 2022, it experienced a strong recovery. This move helped the price move above the $0.1 resistance and approach the strong $0.17 resistance level. Although the price initially rallied above the $0.17 level, it later turned out to be a trap. GRT price was rejected from this level and formed a long wick above it, signaling selling pressure.
Since then, the bulls have tried to break above the $0.17 level multiple times. However, they failed every time. The bearish action formed a bearish pattern during the week of April 16-23. This move was a bearish pattern that showed the bears were controlling the market.
Additionally, the rejection coupled with the bearish trend on the weekly RSI further reinforces its importance. If so, GRT price could test the $0.1 support level once again, dropping more than 20% from the current price level.
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