A closely followed crypto strategist believes that one red-hot memecoin may have more upside potential.
Pseudonymous analyst Altcoin Sherpa tells his 217,600 followers on the social media platform X that PepeCoin (PEPECOIN) could retrace to a key level before resuming an uptrend.
“Strong PepeCoin is doing well right now, showing a lot of strength. To be determined if this is going to continue momentum, but watch out for the 200-day EMA (exponential moving average) around here. $2.30ish would be a decent entry in the short term. I have a bag.”
PepeCoin is trading for $2.97 at time of writing, a gain of more than 27,000% since October 13th, 2023 when it was worth $0.01088.
Next up, the analyst compares the price chart of Synapse (SYN), a protocol that aims to enable secure cross-chain communication, to the price chart of the smart contract platform Sui Network (SUI).
He suggests SYN may be forming a similar SUI pattern and could soon break higher as several exponential moving averages (EMAs) are heading higher on the four-hour chart.
“This is why I like SYN. This is the SUI chart (replay) before versus SYN now. One of the problems I see though is that SUI has a legit bid and somewhat narrative; SYN is a shitty bridge where there are a lot of better coins for that. Chart alone, I like SYN, but this might take a bit…
I think the other bridges are probably better trades. But this is a nice chart so let’s see.”
SUI is trading for $1.01 at time of writing, up more than 19% in the last 24 hours. Meanwhile, SYN Is trading for $0.61 at time of writing, up 8.6% on the day.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
