A widely followed crypto analyst believes that Dogecoin (DOGE) competitor Pepe (PEPE) is gearing up for a steep burst to the upside.
Pseudonymous analyst Kaleo tells his 594,500 X followers that PEPE is likely setting up for a parabolic rally to a level last seen in May of this year.
But before the explosive price rise, Kaleo expects PEPE to take a quick dip in order to retest a high timeframe diagonal resistance as support.
“Seems like the likelier path at this point to see a bit of a dip before running up.”Â
Looking at the trader’s chart, he appears to predict that Pepe will tumble to around $0.0000011 prior to a surge at around $0.0000019.
Kaleo’s prediction appears to stem from a similar market structure that he saw on PEPE’s five-minute chart where the altcoin took out a diagonal resistance before going on a parabolic surge.
“Manifesting this.”Â
At time of writing, PEPE is worth $0.00000134.
As for Dogecoin, Kaleo predicts that the top memecoin will outperform Bitcoin (DOGE/BTC) in the coming weeks.
“DOGE still looks pretty, pretty solid.”Â
Based on the chart, it appears that Kaleo sees DOGE/BTC surging well above 0.000004 BTC ($0.12) at the end of the month. At time of writing, the pair is trading at 0.00000259 BTC worth $0.076.
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