Leading cryptocurrency expert Altcoin Sherpa has indicated that the meme coin PEPE is on the brink of a significant recovery, drawing parallels with popular coins such as Dogecoin and Shiba Inu. According to Sherpa, there is a strong possibility that PEPE could see its value double in the near future.
Is PEPE Approaching a Breakthrough?
In a recent analysis shared on the social media platform X, Sherpa stated that PEPE is nearing the completion of an essential accumulation and consolidation phase, which is expected to wrap up by the end of the fourth quarter of 2024. This development could serve as a launchpad for an anticipated price increase.
Drawing attention to past cycles, particularly during the third quarter, Sherpa noted that the existing market conditions could lead to a potential twofold increase in PEPE’s price from its current lows. This exciting forecast has stirred significant interest among PEPE supporters.
Will Bitcoin’s Stability Impact Altcoins?
With Bitcoin maintaining its strength above the $90,000 mark, confidence in the altcoin market is climbing. Sherpa suggests that any minor declines in altcoin prices should be perceived as buying prospects since Bitcoin’s performance remains robust.
However, Sherpa warns that the market is not experiencing a genuine altcoin season, but rather a volatile environment characterized by fluctuating rallies and downturns. He encourages investors to exercise caution and avoid becoming overly optimistic.
- PEPE is projected to double in value soon.
- The coin is completing a consolidation phase by late 2024.
- Current market conditions mirror those of previous successful cycles.
- Bitcoin’s strength is positively influencing altcoin sentiment.
- Short-term price dips in PEPE may present buying opportunities.
The market continues to show promise for altcoins like PEPE, which are establishing a solid foundation during this consolidation phase. Nonetheless, market participants must remain alert to uncertainties and the potential for abrupt changes.
