In the coming months, a well-known crypto trader forecasts substantial growth for two meme coins, Pepe (CRYPTO: PEPE) and Pepe Coin.
What Happened: On Friday, pseudonymous crypto trader Altcoin Sherpa shared his bullish outlook on Pepe and Pepe Coin on X. Despite anticipating short-term pullbacks, he believes both meme coins will rise significantly in the coming months.
Altcoin Sherpa's daily chart analysis suggests Pepe might retest its support level at $0.00001084. Currently, Pepe is trading at $0.00001506.
The trader's chart for Pepe Coin indicates a potential decline after hitting resistance at $5.50. Pepe Coin is trading at $5.31, down almost 3% for the day.
Additionally, the crypto analyst and trader expressed long-term bullishness on Render (CRYPTO: RNDR), the native asset of the decentralized GPU rendering blockchain. He advised a dollar-cost averaging strategy for RNDR, which is trading at $10.06 and has shown a slight increase in the last 24 hours.
Also Read: Crypto Analyst Predicts This Altcoin Will Explode 260% In 2024, And It's Not Dogecoin Or Shiba Inu
Why It Matters
Meme coins like Pepe and Pepe Coin have gained significant attention in the crypto market due to their viral nature and community-driven growth.
Altcoin Sherpa's predictions come as the market closely watches these assets for potential high returns. The recent Pepe price surge aligns with the broader trend of meme coins experiencing rapid price movements, often driven by social media hype and speculative trading.
Pepe Coin's current resistance level and potential decline, on the other hand, highlight the volatility inherent in meme coins. Investors are advised to exercise caution and consider long-term strategies, such as dollar-cost averaging, as suggested by Altcoin Sherpa for RNDR.
The bullish outlook on Render (RNDR) also underscores the growing interest in decentralized technologies and their applications.
As the native asset of a decentralized GPU rendering blockchain, RNDR and its performance could indicate broader trends in the blockchain and crypto space.
Now Read: Crypto Analyst Predicts Pepe Coin 'To Be Breaking Out' As Price Escapes Bearish Channel
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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