Crypto analyst Jason Pizzino said four altcoins are showing strength, including Solana (SOL) and memecoin PEPE.
In a new strategy session, Pizzino tells his 327,000 YouTube subscribers that along with SOL and PEPE, derivatives platform Pendle (PENDLE) and decentralized GPU rendering blockchain Render (RNDR) have strong market structures.
According to Pizzino, Solana looks very good against the US dollar.
“Compared to the USD, Solana is holding up quite well. Here you can see the lows and the 50% (retracement level) back to $154, so it is still in a relatively strong position.”
Solana is trading at $162.09 at the time of writing, down 3.3% in the last 24 hours.
Moving on to PENDLE, Pizzino said the altcoin could be one of the stronger tokens in the next phase of the cycle.
“Pendle is still in a relatively strong position… I’m not suggesting it rise right away. It may take some time here and you can pause for a moment and then come back down and climb further. Most importantly, it is still exceeding this major 50% mark, which could potentially make it a stronger altcoin in the next phase. If it collapses, the altcoin will be weak. It’s as simple as that.”
PENDLE is worth $6.81 at the time of this writing.
Pizzino then mentioned RNDR, saying that while the altcoin does not seem as strong as the rest, it is still holding up well against the US dollar.
“Currently on the charts it is doing pretty well against the US dollar. “If you can survive here with just $10, you can survive relatively well.”
RNDR is trading at $10.08 at the time of this writing.
Concluding his analysis of the meme asset Pepe, Pizzino said that memecoins are on a clear upward trend that could provide good trading opportunities.
“(PEPE) has risen, but it is still a strong altcoin to watch… The trade is great because when it started hitting higher lows earlier this month, it tested the highs and then broke away from there. “Opportunities arise when we find strengths in the market.”
PEPE is trading at $0.000016 at the time of this writing.
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