A widely followed crypto strategist believes a hot memecoin could have greater upside potential.
Pseudonymous analyst Altcoin Sherpa tells his 217,600 followers on social media platform X that PepeCoin (PEPECOIN) could retrace to a key level before resuming an uptrend.
“PepeCoin is doing well right now, showing a lot of strength. Whether this will continue remains to be seen, but watch for the 200-day EMA (exponential moving average) around here. $2.30 would be a decent entry in the short term. I have a bag of them.”
PepeCoin is trading at $2.97 at the time of writing, a gain of over 27,000% since October 13, 2023, when it was worth $0.01088.
Next, the analyst compares the price chart of Synapse (SYN), a protocol that aims to enable secure cross-chain communication, to the price chart of smart contract platform Sui Network (SUI).
It suggests that SYN could form 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. Here’s the SUI (replay) chart before vs. SYN now. One of the problems I see though is that SUI has a legitimate bid and some narrative; SYN is a crappy deck where there are a lot of better plays for it. The chart alone makes me like SYN, but it might take a while…
I think the other bridges are probably better choices. But it’s a good chart, so let’s see.
At the time of writing, SUI is trading at $1.01, up over 19% in the last 24 hours. Meanwhile, SYN is trading at $0.61 at the time of writing, up 8.6% on the day.
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