Crypto strategist Altcoin Sherpa is forecasting a turnaround for two coins, memecoin Pepe (PEPE) and layer-1 project Sui (SUI). He predicts that his Pepe position could bounce back to its all-time high after short-term consolidation and that Sui, due to its illiquid tokenomics, could see strong upward momentum which could bring its value close to $1.27. He also updates his outlook on Bitcoin (BTC), noting that it's within a range of $30,000 - $26,600 and that a break above this range could lead to further growth up to $33,000.
Altcoin Sherpa observes the current situation for the two coins and uses Fibonacci retracement levels to suggest a new lower level for Pepe which is $0.00000136. At the time of writing Pepe is currently trading at $0.00000175, showing an increase of 5.7% compared to the 24-hour period before. Similarly, Sui is trading at around $1.17, dropping 6.3% against USD in the same period of time.
Turning his attention to Bitcoin, Altcoin Sherpa maintains that BTC appears to be "ok" in the short-term, expecting it to trade higher and spur some gains for altcoins. Noting that the situation is still uncertain over a mid-term timescale, the trader states that a break above the defined range of $30,000 - $26,600 could lead to a surge to at least $33,000. As of writing, Bitcoin is trading for approximately $27,060 and has decreased by 1.5% compared to 24 hours prior.
Victoria Lopez
- 2023-05-20
Crypto Strategist Altcoin Sherpa Forecasts Turnaround
Crypto strategist Altcoin Sherpa is forecasting a turnaround for two coins, memecoin Pepe and layer-1 project Sui. He also updates his outlook on Bitcoin, noting that it's within a range of $30,000 - $26,600 and that a break above this range could lead to further growth up to $33,000.
