A top-50 altcoin by market cap is on the verge of rallying, according to a closely followed trader and analyst.
The analyst pseudonymously known as Bluntz tells his 276,000 followers on the social media platform X that the Ethereum-based memecoin Pepe (PEPE) is forming an ascending triangle pattern on the eight-hour time frame.
The pseudonymous analyst further says that PEPE has turned previous resistance levels to support on its journey upwards.
“Looks like Pepe has been lagging a bit but with other memecoins perking up over the last 48 hours I think it probably won’t for too much longer.”
Based on the pseudonymous analyst’s eight-hour chart, it appears that he is suggesting that Pepe could go up by around 15% from the current level.
Pepe is trading at $0.00000908 at time of writing, up by around 937% from the February low of $0.000000875.
According to Bluntz, Pepe’s price action over the past couple of days is similar to that of the layer-one blockchain NEAR Protocol (NEAR) before the latter’s recent breakout.
“Been seeing these setups on Pepe break up all week. The latest one was near a few days ago. Quite literally exactly the same.”
Turning to NEAR Protocol, the pseudonymous analyst says the layer-one blockchain is set to resume an uptrend after a short-lived correction.
“On lower time frames NEAR has held up extremely well during this recent dip and now breaking out of a diagonal.
I think it pushes hard now that it’s consolidated for almost three days.”
NEAR Protocol is trading at $5.55 at time of writing.
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