Trader Predicts 50% Rally for Altcoin That’s Surged 28x in Two Months, Updates Outlook on Ethereum and Chainlink
A widely followed crypto analyst is predicting a big bounce for memecoin Pepe (PEPE) as he updates his outlook on Ethereum (ETH) and Chainlink (LINK).
Pseudonymous trader Altcoin Sherpa tells his 196,100 Twitter followers that Pepe can rally more than 64% from its current value.
“PEPE: Wouldn’t be surprised to see this hit the .50 level before coming down again. Still think this will go back down lower, but I do believe that this one is here to stay (not as strong as before) given its history.”
Sherpa uses Fibonacci retracement levels, a method of technical analysis for determining key levels for price targets, to predict Pepe could reclaim the 50% Fibonacci level at $0.00000234.
Pepe is trading for $0.00000142 at time of writing, up more than 2,400% from its low on April 18th of $0.0000000551.
Next, the trader says Ethereum may be headed below the $1,800 level if Bitcoin (BTC) dips.
“ETH: Probably low $1,800s if this current area gets lost (at a minimum). Of course, it’ll depend on BTC though. Mid-term, I’m still bullish though. Still exposed to plenty of Ethereum in my portfolio and it’s my biggest holding.”
Ethereum is trading for $1,831 at time of writing, down 3.2% during the last 24 hours.
The trader is long-term bullish on the decentralized oracle network Chainlink. He predicts a huge rally if LINK can break out of an upper bound range at about $9.33.
“LINK: This is the definition of pain; wait around for over a year and see price chop around and eventually go below the lows. We did see a reclaim here and I do think Chainlink eventually moves super hard when it escapes the range to the upside… but could be a while.”
Chainlink is worth $5.80 at time of writing, down 5.6% during the last 24 hours.
Also on the trader’s radar is the image-synthesizing ecosystem Render Token (RNDR), which he predicts could collapse below $1 if Bitcoin (BTC) loses support.
“RNDR: I think this one goes sub $1 if BTC shits the bed and likely just chops around for a while even if BTC pumps. This one is done for a while IMO (in my opinion).”
Render Token is trading for $1.91 at time of writing, down 5.4% during the last 24 hours.
Lastly, the trader says the decentralized machine-learning network Fetch.ai (FET) is on the verge of imploding back down to a range between $.06 and $0.14, after a sudden rally fueled by artificial intelligence (AI) fervor.
Fetch.ai is trading for $0.21 at time of writing, down 7% during the last 24 hours.
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