PEPE, LINK, and SUI May Lead the Charge in the Next Altcoin Rally
- Sui (SUI) and Pepe (PEPE) present good buy opportunities, according to the trader.
- He also warned that the altcoin market is still at the mercy of Bitcoin (BTC).
The crypto trader and analyst, Altcoin Sherpa uploaded his latest analysis for several altcoins to his YouTube channel yesterday. In the video, he mentioned that the altcoin market is still at the mercy of the market leader Bitcoin (BTC). Nevertheless, cryptos such as LINK, PEPE and SUI still present good medium- to long-term buy opportunities.
The trader took a look at Dogecoin (DOGE) first, which he believes has not yet established a convincing trend. As a result, he mentioned that he would not trade the meme coin unless he was looking for quick scalping opportunities. Altcoin Sherpa predicted that it could reach $0.1 again, but overall he does not think DOGE is a good project to buy into for the short term.
Similar to DOGE, the trader stated that he would not buy Ripple (XRP) given it has been in a parallel range for just over a year. Should the remittance token’s price make a move, either up or down, Altcoin Sherpa believes that it will be a strong move.
Sui (SUI) was trading at the 0.5 Fibonacci level at the time the video was made. The trader believes that the altcoin could pump hard, but he couldn’t give an estimate of when this will happen. He also added that it is currently easy for market markers to manipulate this token. He did, however, warn that Bitcoin (BTC) dumping could result in SUI dropping to $0.82.
The trader was bullish on Pepe (PEPE) and highlighted that it is currently trading in a strong demand zone. As a result, he considers the altcoin a good medium-term buy opportunity, as well as a good long-term buy opportunity. Once again, he cautioned that the crypto is at the mercy of BTC.
Lastly, Altcoin Sherpa analyzed Chainlink (LINK). According to the trader, all of the EMA lines have lined up positively on the altcoin’s daily chart. Despite this, he shared that he would not enter into a buy until it breaches $9.50, since the altcoin has been in consolidation for a year. Should BTC dump in the coming weeks, he believes that LINK could drop to as low as $5.50.
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