A prominent analyst known as Bluntz has recently shared insights on the potential rally of a top-50 altcoin by market cap. According to Bluntz, the Ethereum-based memecoin Pepe (PEPE) is showing signs of forming an ascending triangle pattern on the eight-hour time frame. This pattern indicates a potential upward movement in the price of PEPE.
Bluntz, who has a significant following on the social media platform X, highlighted that PEPE has successfully turned previous resistance levels into support as it continues its upward trajectory. The analyst believes that PEPE has been lagging behind other memecoins but is poised for a significant breakout in the near future.
Based on Bluntz’s analysis of the eight-hour chart, he suggests that PEPE could experience a price increase of approximately 15% from its current level. At the time of writing, PEPE is trading at $0.00000908, marking a substantial increase of 937% from its low point in February.
Drawing parallels to the recent price action of the layer-one blockchain NEAR Protocol (NEAR), Bluntz pointed out similarities between the two assets before NEAR’s breakout. The analyst emphasized that NEAR Protocol is likely to resume its uptrend following a brief correction period. With NEAR Protocol trading at $5.55 at the time of writing, Bluntz anticipates a strong push in price after consolidating for nearly three days.
In conclusion, Bluntz’s analysis suggests that both PEPE and NEAR Protocol are primed for significant price movements in the near future. Traders and investors may want to keep a close eye on these assets as they potentially enter a bullish phase. Stay tuned for further updates on these altcoins as they continue to develop in the market.