Altcoin Sherpa, a popular pseudonymous trader, believes that meme cryptocurrency Pepe (PEPE) could experience further upside movement after breaking through a key resistance level. Despite not expecting a complete reversal, Altcoin Sherpa suggests that Pepe could see more gains in the near future. The trader cautions investors to be cautious with this particular asset.
According to Altcoin Sherpa’s chart, the next resistance level for Pepe is anticipated to be between the price range of $0.00000078 and $0.000000820. Currently, Pepe is trading at $0.000000716, showcasing a 16.9% increase within the past 24 hours.
In addition to Pepe, Altcoin Sherpa also shares insights on the overall market structure of Bitcoin (BTC). The trader points out that there is uncertainty in the market as key exponential moving averages (EMAs) converge just above Bitcoin’s price, acting as resistance. Altcoin Sherpa predicts that Bitcoin will experience a decline for the remainder of the year.
Altcoin Sherpa explains that while they do not have a strong opinion on the exact direction of Bitcoin’s price, they have a gut feeling that it may reach $28,000 in the mid-term. However, Altcoin Sherpa acknowledges that the recent high established in mid-July was not a true higher high but rather an equal high compared to previous highs. The trader believes that the overall market will continue to experience a choppy trend similar to what was seen in 2019, with a slow grind down for the rest of 2023. Altcoin Sherpa expects better performance in December and January, as has historically been the case.
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At the time of writing, Bitcoin is trading at $26,595, reflecting a 0.1% increase in the last 24 hours.
Lastly, Altcoin Sherpa is closely monitoring Worldcoin (WLD), an AI-based altcoin. The trader suggests that Worldcoin, despite being considered a “total shitcoin,” may form a lower high and experience a price dip after a brief rally as it approaches a key resistance level.
Worldcoin is currently trading at $1.62, with a 7.5% increase in the last 24 hours.
In conclusion, Altcoin Sherpa provides insights into several cryptocurrencies, including Pepe, Bitcoin, and Worldcoin. The trader believes that Pepe and Worldcoin may experience further upside movement, while Bitcoin’s price remains uncertain. However, Altcoin Sherpa expects a decline for Bitcoin by the end of the year. It is important to note that these opinions are not investment advice, and individuals should conduct their own research and due diligence before making any high-risk investments in cryptocurrencies.
