More bullish PEPE forecast has just been teased by top trader, Altcoin Sherpa.
The coin, though strained with bearish downsides has remained resilient to the benefits of holders.

Crypto analyst, Altcoin Sherpa strongly believes that popular Dogecoin (DOGE) rival Pepe (PEPE) is poised for an upside breakthrough in the long term. 

Speaking to his almost 200,000 followers on the X app, the widely followed pseudonymous trader mentioned that the recent breakthrough at a key resistance level may not be all the bullish moves the coin has to show at this time. He believes that the memecoin will experience more positive momentum in the coming weeks.

At the same time, he acknowledged that he did not expect the sudden PEPE price surge. The memecoin’s volume profile displayed three significant resistance areas and the first one has already been broken with the recent development. According to Sherpa’s chart, the next resistance level seems to be between the price range of $0.00000078 to $0.000000820. 

Currently, PEPE is trading at $0.0000006976 after slumping by 2.07% in the past 24 hours according to data from Marketcap. 

For the memecoin to reach the next proposed resistance level based on the pseudonymous trader’s prediction, it would need to experience more than a 15% price explosion. Notably, the price surge is a remarkable recovery from the strong bear phase that Pepecoin has been faced with in recent times. 

Notably, the decline in PEPE price can be attributed to its declining social metrics.

PEPE Made Many Investors Richer

Pepecoin has had its moment as the sensation of the memecoin ecosystem this year. In June, PEPE saw a geometric price surge which caused many investors to seek a slice of the pie. To a reasonable extent, the exponential growth in the price of PEPE was tied to the unexplained hype around the coin. 

Even though experts have warned investors and traders to be very cautious while dealing with the coin, PEPE did not disappoint its holders at that time.

Rather, it has managed to sustain its price gains over the past months. Despite the expectations surrounding these tokens, the Chief Executive Officer (CEO) and founder of Into The Cryptoverse, Benjamin Cowen has warned that these memecoins can not be trusted citing that they are created to the advantage of their creators. 

Part of the social trends that have made the token popular is the claim from American cryptocurrency exchange Coinbase which labeled PEPE as “the meme coin of the moment,” and added that “Over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.”

Coinbase was, however, criticized by the broad crypto industry for making such defamatory statements. Many crypto enthusiasts who are equally customers of Coinbase threatened to delete their accounts if the statement were not withdrawn. In response, the American crypto exchange issued an apology to the members of the public in what proponents tagged a dignity-restoring move.

Noteworthy, the bout of scandals and opposition that the coin has faced has not done so much in deterring investors. Many of them are optimistic about a potential price jump and are still holding their PEPE tokens. If Sherpa’s forecast turns out as expected, these investors might come off as smart and that they have made the right choice.

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Filed under: Bitcoin - @ September 26, 2023 1:16 am