A widely followed crypto strategist says that one altcoin is likely to more than double in value after a parabolic rally.
Pseudonymous analyst Altcoin Sherpa tells his 195,900 Twitter followers that memecoin Pepe (PEPE) is poised to rally 2x from its current price.
Using Fibonacci retracement levels, a method of technical analysis for determining an asset’s support and resistance levels, Sherpa predicts Pepe is going to bounce to a price of $0.00000234, which is the .50 Fibonacci level.
“PEPE: Added more to my existing position yesterday, I think this moves to the .50 fib eventually but will make a lower high (and I’ll also take profit along the way). I still think this eventually goes way lower but a lower high/exit pump seems likely to me.”
Pepe is trading for $0.00000116 at time of writing, up more than 2,000% from its earliest low price of $0.0000000551 on April 18th.
Next, the trader weighs in on Bitcoin (BTC) and predicts the crypto king will likely chop around the $25,000 range for days, if not weeks, before a move to the upside.
“BTC: Don’t see any real changes on higher timeframes; wouldn’t be surprised to see more ranging around the $25,000 area. If that is the bottom, I expect consolidation there for several days/weeks and then continuation higher.
Still unsure though.”
His chart shows the 200-day exponential moving average (EMA), an indicator used by traders to help determine the short-to-medium-term trend of an asset, rising toward the $25,391 price level, which is also the .382 Fibonacci level.
Bitcoin is trading for $26,569 at time of writing, down 0.5% during the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Alex_Bond
