A widely respected cryptocurrency analyst believes that two memecoins have massive upside potential in the coming months.
Pseudonymous cryptocurrency trader Altcoin Sherpa told his 216,400 followers on social media platform X that he is bullish on both Pepe (PEPE) and PepeCoin (PEPECOIN).
However, he warns that memecoins may retest lower levels first.
“Both of these will see a decline in the near term. But I still believe that both will go much higher in the coming months. I have both.”
Looking at the trader’s daily chart, he suggested that Pepe could retest the support level of $0.00001084. Pepe is trading at $0.00001506 at the time of writing, up almost 5% in the last 24 hours.
For PepeCoin, Altcoin Sherpa shares a chart that suggests the meme token is poised to fall after respecting resistance at $5.50.
PepeCoin is trading at $5.31 at the time of writing, down nearly 3% on the day.
Additionally, traders say they are long-term bullish on the underlying asset of Distributed Graphics Processing Unit (GPU) Rendering Blockchain Render (RNDR).
“RNDR: It’s not really a very active trade, but you get dollar-cost averaging as you buy more and the price goes down. AI coins didn’t perform very well last week, but it makes sense to cool off a bit. Still, I remain optimistic about the cycle.”
Render is trading at $10.06 at the time of writing, a slight increase over the last 24 hours.
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