The post Altcoin Market Analysis : Here’s What Next For DOGE, XRP, PEPE and SUI Price appeared first on Coinpedia Fintech News
Amid the chaos of the cryptocurrency sector, some altcoins are experiencing gains in the weekly chart, and their performance is noteworthy when compared to the leading currencies. Analyst Altcoin Sherpa, in a new video, shared what’s next for a few altcoins.
Dogecoin is currently hovering around the $0.065 level, but there’s no clear trend to follow. The analyst said that the price movements seem to be choppy, with range highs and lows around $0.096 or $0.10. It’s not a great buy in his opinion, even when looking at higher time frames. While there’s a chance that it’s just accumulation, the coin isn’t showing any strong indications of growth.
XRP’s price action resembles that of Dogecoin, and XRP has been trading within a range for almost a year now, from May 2022 to May 2023. The weekly EMAs are converging, which means that a significant move could happen soon. However, he won’t be looking to trade XRP at the moment. It’s currently close to the 0.5 level, but it’s still moving sideways.
Talking about SUI, he said that buying around $1 could be profitable if Bitcoin remains stable. If Bitcoin drops further, the token’s price could also drop to around 82 cents. Holding the token for the next few weeks could be a good strategy, as long as Bitcoin remains stable.
According to the analyst, Pepe’s current price is at a key level which is a strong demand area and is hovering around the 0.618 FIB level. Buying at this level for the midterm wouldn’t be a bad idea. It might be a good idea for a swing long, but the success of the investment is highly dependent on Bitcoin’s performance.
Link has been consolidating in a range for about a year, with volume profile indicating a balance between buyers and sellers. He said, “All the EMAs on the Daily are lined up, just consolidation, lots of compression, chopping around and doing really nothing. Stablecoin at this point. I’m not going to buy this one personally until it breaks the range high.”
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