A popular crypto trader is expressing bullish sentiment on one relatively new Dogecoin (DOGE) and Shiba Inu (SHIB) rival.
Pseudonymous crypto trader Altcoin Sherpa tells his 195,700 Twitter followers that memecoin Pepe (PEPE) is forming a bottom and could rally by double-digit percentage points from current levels.
Applying the key Fibonacci retracement levels, Sherpa says PEPE could surge from around $0.00000150 to $0.00000235, a 57% rise.
“PEPE: Nothing has changed from my original idea of this chopping from here and the 0.786 Fibonacci level.
I think that this is forming a bottom, though, in the mid-term. And this is going to go to at least the 0.50 Fibonacci level.”
PEPE, which is up by over 2,600% since mid-April, is trading at $0.00000150 at time of writing.
Turning to other crypto assets, Sherpa says that “many” altcoins have bottomed over the short run.
While attaching the charts of Ethereum (ETH) scaling solution Arbitrum (ARB), smart contract blockchain Sui Network (SUI) and non-fungible token (NFT) marketplace Blur (BLUR), which appear to show the three crypto assets bouncing off a support level, the popular trader says that many altcoins could rally by between 20% to 50% going forward.
However, Sherpa warns that the rally could be short-lived.
“I still think that many alts are short-term bottoming. To be determined if this is any sort of trend reversal; I personally doubt it.
Still, I think a 20-50% move up for many of these is coming (maybe further downside after that, though).”
Arbitrum, Blur, and Sui are trading for $1.08, $0.471, and $.0957, respectively, at time of writing.
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