Trader Says Memecoin That’s Up Over 27,000% in Under One Year Showing Massive Strength, Updates Outlook on SYN

A closely followed crypto strategist believes that one red-hot memecoin may have more upside potential.

Pseudonymous analyst Altcoin Sherpa tells his 217,600 followers on the social media platform X that PepeCoin (PEPECOIN) could retrace to a key level before resuming an uptrend.

“Strong PepeCoin is doing well right now, showing a lot of strength. To be determined if this is going to continue momentum, but watch out for the 200-day EMA (exponential moving average) around here. $2.30ish would be a decent entry in the short term. I have a bag.”

PepeCoin is trading for $2.97 at time of writing, a gain of more than 27,000% since October 13th, 2023 when it was worth $0.01088.

Next up, the analyst compares the price chart of Synapse (SYN), a protocol that aims to enable secure cross-chain communication, to the price chart of the smart contract platform Sui Network (SUI).

He suggests SYN may be forming a similar SUI pattern and could soon break higher as several exponential moving averages (EMAs) are heading higher on the four-hour chart.

“This is why I like SYN. This is the SUI chart (replay) before versus SYN now. One of the problems I see though is that SUI has a legit bid and somewhat narrative; SYN is a shitty bridge where there are a lot of better coins for that. Chart alone, I like SYN, but this might take a bit…

I think the other bridges are probably better trades. But this is a nice chart so let’s see.”

SUI is trading for $1.01 at time of writing, up more than 19% in the last 24 hours. Meanwhile, SYN Is trading for $0.61 at time of writing, up 8.6% on the day.

Generated Image: Midjourney