Crypto analyst CrediBULL Crypto provided a market analysis on Pepe (PEPE), Ethereum (ETH), and XRP. Based on his analysis, PEPE could hit a new high soon enough, seeing how it has ranged since hitting a new all-time high (ATH) in May.
A Price Rally For PEPE On The Horizon
CrediBULL Crypto mentioned in an X (formerly Twitter) post that PEPE has been holding up quite well despite the downtrend in the broader crypto market. As such, he added that he won’t be surprised if the meme coin witnesses another leg up to take some untapped liquidity before it moves along with the current bearish trend in the market.
The analyst also revealed that he has no plans to open a long position on PEPE yet, as he will continue to watch how things develop. Based on the chart that CrediBULL Crypto shared, PEPE could rise to as high as $0.00001382 as it takes the untapped liquidity that the analyst discussed.
Meanwhile, CrediBULL Crypto predicts that the meme coin could drop to as low as $0.00000570 if it were to make the “larger move down,” the analyst anticipates after the rally to the upside. However, a market rebound for Bitcoin and the broader crypto market could invalidate this bearish set-up from the analyst.
What Next For Ethereum And XRP
CrediBULL Crypto predicts that Ethereum could drop below $2,800 soon enough. He made this prediction while revealing that he had cut his shorts in anticipation of a relief bounce that didn’t eventually happen. He revealed that he won’t look to reopen any short position for Ethereum at its current price range since that relief bounce could still happen at these levels.
If that relief bounce happens, CrediBULL Crypto mentioned that he would look to reopen his short position. Meanwhile, the analyst is still bullish on Ethereum in the long term. He revealed that he hopes Ethereum drops to new lows since that will give him another chance to reload. CrediBULL Crypto had previously predicted that Ethereum would rise to $20,000 in this market cycle.
For XRP, CrediBULL Crypto mentioned that his previous XRP analysis still stands, and nothing has changed. In his previous analysis, he stated that XRP is still in a ranging environment and suggested that he wasn’t looking to trade the crypto token at the moment. However, he added that he would be interested in a potential trade if XRP drops to $0.50 or even as low as $0.39.
CrediBULL Crypto suggested that XRP could still drop to such lows, noting that the crypto token had experienced the pump, which had taken it above the local highs, something which he claimed he was expecting before a pullback to the green zone, which he highlighted on the charts.
Featured image created with Dall.E, chart from Tradingview.com
Powered by WPeMatico
