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A top-50 altcoin by market cap is on the verge of rallying, according to a closely followed trader and analyst.
The analyst pseudonymously known as Bluntz tells his 276,000 followers on the social media platform X that the Ethereum-based memecoin Pepe (PEPE) is forming an ascending triangle pattern on the eight-hour time frame.
The pseudonymous analyst further says that PEPE has turned previous resistance levels to support on its journey upwards.
“Looks like Pepe has been lagging a bit but with other memecoins perking up over the last 48 hours I think it probably won’t for too much longer.”
Based on the pseudonymous analyst’s eight-hour chart, it appears that he is suggesting that Pepe could go up by around 15% from the current level.
Pepe is trading at $0.00000908 at time of writing, up by around 937% from the February low of $0.000000875.
According to Bluntz, Pepe’s price action over the past couple of days is similar to that of the layer-one blockchain NEAR Protocol (NEAR) before the latter’s recent breakout.
“Been seeing these setups on Pepe break up all week. The latest one was near a few days ago. Quite literally exactly the same.”
Turning to NEAR Protocol, the pseudonymous analyst says the layer-one blockchain is set to resume an uptrend after a short-lived correction.
“On lower time frames NEAR has held up extremely well during this recent dip and now breaking out of a diagonal.
I think it pushes hard now that it’s consolidated for almost three days.”
NEAR Protocol is trading at $5.55 at time of writing.
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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.
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