Pepe (PEPE), a meme-based cryptocurrency, has caught the attention of the crypto community once again as it is displaying signs of forming a bottom and preparing for a significant rally to the top.
Renowned crypto trader Altcoin Sherpa has shared his positive sentiments as well, projecting a double-digit percentage surge for Pepe in the near future.
Pepe is Forming a Bottom
Altcoin Sherpa, known for his accurate market predictions, believes Pepe is undergoing a bottom formation. In his analysis, he indicates that Pepe could experience a remarkable surge based on Fibonacci retracement levels.
$PEPE: Nothing has changed from my original idea of this chopping from here and the .786 fib.
I think that this is forming a bottom though in the mid term and this is going to go to at least the .50 fib.
*I still have PEPE and am just sitting on that position for now. pic.twitter.com/CwC73a5gYU
— Altcoin Sherpa (@AltcoinSherpa) May 23, 2023
He further explains that Pepe’s current price action aligns with the 0.786 Fibonacci level, suggesting that it is forming a bottom and has the potential to reach the 0.50 Fibonacci level in the mid-term.
“This is a crucial moment for Pepe. With its recent growth and the formation of a bottom, it holds the potential for significant upside in the coming weeks.”
Potential Surge Around The Corner
His analysis suggests that Pepe has the potential to surge from its current price of around $0.00000150 to approximately $0.00000235, a remarkable increase of over 50%. This projection has captured the attention of traders and investors seeking opportunities within the cryptocurrency market.
PEPE Price Growth Trajectory
Pepe has already demonstrated significant growth, boasting a staggering 2,600% increase since mid-April. This rapid upward movement has positioned meme-based cryptocurrency as a contender, threatening to push Doge and Shib out of the running forever.
Read more: Pepe Coin Surges 2400% In 30 Days: Have Dogecoin and Shiba Inu Been Dethroned? – Coinpedia Fintech News
Signs of Recovery In The Altcoin Space
While discussing other crypto assets, he suggests that several altcoins have likely reached their short-term bottoms. By examining charts of Ethereum scaling solution Arbitrum (ARB), smart contract blockchain Sui Network (SUI), and non-fungible token (NFT) marketplace Blur (BLUR), he adds that these altcoins may experience notable rallies ranging from 20% to 50%.
At the time of writing, Arbitrum, Blur, and Sui are trading at $1.08, $0.471, and $0.0957, respectively.
Short-Term Rally on cards?
While he expresses optimism regarding short-term gains for altcoins, they also caution that the rally may be temporary.
Altcoin Sherpa concludes,
“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).”