Trader Says Dogecoin Rival Has Additional Upside Potential, Updates Outlook on Bitcoin and Worldcoin
Widely followed pseudonymous trader Altcoin Sherpa says one Dogecoin (DOGE) rival could make a bigger move to the upside.
Altcoin Sherpa tells his 196,400 followers on the social media platform X that after breaking through a key resistance level, memecoin Pepe (PEPE) may not be done rallying.
“PEPE: nice move today, I didn’t really see this one coming. The volume profile shows three significant resistance areas, with the first one getting broken now. I highly doubt this is a full reversal, but a bit more upside may be in store. Would be cautious with this one overall.”
Looking at his chart, the next resistance level appears to be between the price range of $0.00000078 to $0.000000820.
Pepe is trading for $0.000000716 at time of writing, up 16.9% in the last 24 hours.
Next, the trader weighs in on Bitcoin (BTC) and says the market remains unclear as key exponential moving averages (EMAs) converge just above the crypto king’s price, acting as resistance.
“BTC one-day thoughts: overall market structure hasn’t changed much IMO (in my opinion). We’re still either forming some sort of weird higher low OR consolidating for the next leg down. The cluster of one-day EMAs all acting as resistance for now, but no clear change.”
The trader predicts Bitcoin will decline to finish out the year.
“I don’t personally have a super strong opinion in regards to where price goes. Gut says we move up to $28,000 in the mid-term, but I don’t really know. The last recent high established in mid-July was an equal high from before and not truly a higher high IMO.
I think we’re still in an overall chop fest similar to 2019, where we saw a big move up and we’ll see a slow grind down for the rest of 2023. Probably slow grind down IMO and then we have some good times in December/January as always.”
Bitcoin is trading for $26,595 at time of writing, up 0.1% in the last 24 hours.
Lastly, the trader says he’s keeping an eye on the AI-based altcoin Worldcoin (WLD). According to Altcoin Sherpa, WLD might be in a position to witness a price dip after a brief rally as it now trades close to a key resistance level.
“WLD: Total shitcoin, but I think that this one makes a lower high. I’m in since $1.42ish.”
Worldcoin is trading for $1.62 at time of writing, up 7.5% in the last 24 hours.
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