26 October 2023
The crypto market is constantly in motion; there is a potential shift in SHIB and its position in the nascent sector. An analyst presented a bullish case for PEPE, which could directly impact SHIB’s position in the meme coin market.
As of this writing, PEPE has considerably outperformed SHIB and other memecoins. PEPE records a 14% increase in the last 24 hours alone and a 90% increase over the past two weeks, while SHIB records an 18% profit over the same period.
SHIB Investors Should Fear PEPE’s Impact?
An analyst believes that PEPE’s current price action will extend beyond the early stages of the current Bull Cycle, following a successful break out beyond the 7730 and 8127; as seen in the chart below, the cryptocurrency hit a critical resistance level. The analyst stated:
$PEPE That was a quick move upon retaking the range. First target at 10800 reached but ultimately I am holding a spot bag of this for the cycle to come. Still stand by the idea that $PEPE will be this cycle’s $SHIB.
However, the analyst believes that PEPE’s rally is barely starting. The cryptocurrency reclaimed an important area and could continue to climb beyond its all-time high and into uncharted territory during the bull cycle.
Altcoins To Watch In Upcoming Cycle
PEPE is one of the altcoins the analyst is keeping an eye on. In addition to the meme coin, the trader expects the NFT and staking sectors to bloom in the coming months.
Apecoin’s APE and LidoDAO’s LDO have been rallying due to the current bullish momentum in the market. LDO alone could hit the $2 target in the short term and continue its run higher into the $3 territory.
Other cryptocurrencies to watch if these sectors trend to the upside are ETH, DOGE, BLUR, and ORDI. On APE, the analyst stated:
APE So far so good. Pretty strong and about to test an important high timeframe resistance area. Clear this and I think we can look for ~$1.8 next. If NFTs bounce as well that would help this.
As of this writing, APE is trading at $1.3 with a 25% profit in the past two weeks.
Cover image from Unsplash, chart from Tradingview