Anika Begay
Cryptocurrency Analyst CrediBULL Crypto provided a market analysis on Pepe (PEPE), Ethereum (ETH)and XRP. Based on his analysis, PEPE could hit a new high quite soon, given how it has varied since hitting a new high all-time high (ATH) in May.
PEPE Price Rally on the Horizon
CrediBULL Crypto mentioned in an X (ex Twitter) send that PEPE has held up quite well despite the bearish trend in the broader cryptocurrency market. Therefore, he added that he won’t be surprised if the meme coin sees another rally to grab some idle liquidity before moving along with the current bearish trend in the market.
The analyst also revealed that he has no intention of opening a long position on PEPPER however, as it will continue to observe how things develop. Based on the chart shared by CrediBULL Crypto, PEPE could rise to $0.00001382 as it takes the idle liquidity that the analyst talked about.
Meanwhile, CrediBULL Crypto predicts that the meme coin could drop to as low as $0.00000570 if it hits the “bigger move down,” the analyst anticipates after the bullish rally. However, a market rebound for Bitcoin and the broader cryptocurrency market could invalidate this bearish analyst’s view.
What’s next for Ethereum and XRP?
CrediBULL Crypto predicts that Ethereum Could Fall Below $2,800 quite early. He made this prediction while revealing that he had cut his shorts in anticipation of a relief bounce that ultimately did not happen. He revealed that he will not be looking to reopen any short positions for Ethereum at its current price range as that relief bounce could still happen at these levels.
If that relief bounce happens, CrediBULL Crypto said it would look to reopen its short position. In the meantime, the analyst is still Bullish on Ethereum long-term. He revealed that he hopes Ethereum will drop to new lows as this will give it another chance to recharge. CrediBULL Crypto had previously planned that Ethereum would rise to $20,000 in this market cycle.
For XRP, CrediBULL Crypto mentioned that his previous XRP analysis still stands and that nothing has changed. In his previous analysis, he stated that XRP is still in a range-bound environment and suggested that he was not looking to trade the cryptocurrency token at the moment. However, he added that he would be interested in a potential trade if XRP drops to $0.50 or even just $0.39.
CrediBULL Crypto suggested that XRP could still drop to such lows, noting that cryptographic token had experienced the increase, which had brought it above the local highs, which he himself had said he expected before a pullback towards the green zone, which he had highlighted in the charts.
Featured image created with Dall.E, chart from Tradingview.com
