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Esteemed cryptocurrency analyst and strategist Altcoin Sherpa unveils latest insights on Bitcoin (BTC), two prevalent altcoins, and forewarns of impending demise for memecoins like PEPE.
Bitcoin’s “No Trend” Alert
Altcoin Sherpa, a highly-regarded anonymous cryptocurrency analyst, shared a BTC chart, observing Bitcoin’s ongoing absence of a definitive uptrend or downtrend as it persists in lateral trading. The price chart presented by the analyst reveals that Bitcoin has oscillated between $25,000 and $30,000 for the past 48 days. Altcoin Sherpa highlights that Bitcoin’s preceding descent spanned approximately $19,500 to $25,000, with price fluctuations in this range lasting 57 days, and offered the following appraisal:
Many investors’ qualm with Bitcoin over the past six months lies in the absence of a sustained trending environment akin to 2020 and 2021. Generally, there are numerous downtrends, and only a handful of uptrend weeks are succeeded by lengthier downtrends. Understand yourself and discern where to trade.
SUI Anticipated to Reach $1.24 if Bitcoin Falters
Altcoin Sherpa also proffered commentary on Sui Network (SUI), the novel Layer 1 Blockchain within his purview. Utilizing Fibonacci retracement levels—a technical analysis method for ascertaining an asset’s support and resistance levels—the analyst envisages SUI reapproaching the lower range of $1.29, but cautions that SUI could plummet to as low as $1.24 should Bitcoin’s price decline:
SUI is anticipated to eventually descend to approximately $1.29, though I suspect it will fall further if Bitcoin falters. Nevertheless, provided BTC remains stable, it appears to be within some phase of accumulation.
Bearish Outlook for Arbitrum
Lastly, examining the Layer 2 scaling solution Arbitrum (ARB), the analyst prognosticated a decline for ARB based on various Exponential Moving Averages (EMA) and Fibonacci retracement levels.
Investors, like Altcoin Sherpa, scrutinize the EMA to determine if an asset’s price is in a downtrend. If the price is beneath the EMA, the asset is likely to maintain a downtrend:
ARB has not been my primary focus recently, but I wouldn’t be astonished if it declines and reverts to the $1.15-1.20 zone. It remains an exceptional blockchain project, yet the new flavor of the month (SUI) and memecoin frenzy (PEPE) are siphoning liquidity from ‘conventional’ coins.
Anticipating a Crash for Memecoins like PEPE
Altcoin Sherpa analyzed the swiftly ascending Pepe (PEPE), which has garnered significant attention due to its meteoric rise in recent days, and cautioned that PEPE and other memecoins are likely to experience a downfall:
PEPE and its contemporaries are skyrocketing, akin to all other memecoins. Nonetheless, I would like to forewarn that their ascent will be ephemeral, and they will all ultimately descend to $0. In the upcoming weeks, I believe the significant crash I’ve been alluding to in this casino will transpire. The narrative remains unchanged.
