Altcoin Sherpa, an anonymous crypto analyst closely followed by cryptocurrency investors, believes that Pepe (PEPE), the rival of Dogecoin (DOGE), could make a bigger move upwards. The analyst also warned about Bitcoin (BTC) and Worldcoin (WLD).
Crypto analyst Altcoin Sherpa noted that the rally of the meme coin Pepe might not be over yet after surpassing an important resistance level on the social media platform X. He said, “PEPE made a nice move today. I really didn’t expect this to happen. The volume profile shows three important resistance areas, and the first one has now been broken. I’m skeptical that this is a complete reversal, but it could be a bit more upward. It’s generally advisable to be cautious about this.”
Looking at the graph of PEPE shared by the analyst, the next resistance level is seen to be between $0.00000078 and $0.000000820.
Altcoin Sherpa also said that he is following the AI-based altcoin Worldcoin. According to the analyst, WLD may be in a position where a price drop could occur after a short rally because it is currently trading near an important resistance level:
I think it’s a complete shitcoin, but I believe it has made a lower top. I have been in a short position since $1.42.
After PEPE and WLD, the analyst evaluated Bitcoin. He said that the market’s uncertainty continues because important Exponential Moving Averages (EMAs) are converging just before the cryptocurrency king’s price as a resistance:
I think the overall market structure in Bitcoin hasn’t changed much. We’re still either forming some sort of weird rising bottom or consolidating for the next decline. The cluster of daily EMAs is currently acting as resistance, but there is no clear change.
The analyst stated that BTC could end the year with a decline and said, “I don’t have a very strong personal opinion about where the price will go. The outlook is that we will reach $28,000 in the medium term, but I really don’t know. The last peak level formed in mid-July was equal to the previous one, and in my opinion, it was not really a higher level. I think we are still in a general downtrend similar to 2019. So far, we have seen a big rise, and we will see a slow decline for the rest of 2023. I think this decline will be a slow one, and then we will have good times as usual in December/January.”