Popular crypto analyst Michael van de Poppe stated two days ago that he is following PEPE and that the meme coin has bullish potential. In his current statement today, he stated that the crypto market is still relevant, especially with meme coins like PEPE.
PEPE has rallied over 4000% in the past month and has gained over 500% in the past week. However, it continues to decline after reaching $0.000004354 on May 5.
Michael van de Poppe shared on May 8 in the tweetsaid PEPE trading volume remained high despite the recent drop in prices. The analyst pointed out that PEPE jumped 35% from $0.0000230, touting it as a “great” development. The analyst expects to see lows in PEPE over the next 1-3 days. But according to Poppe, the meme coin could recover 50-80% after falling for a few days this week. Moreover, the analyst added that after turning the $0.00000230 resistance to support, a long position should be opened and caution should be exercised against volatility.
Looking at the analyst’s chart, supports are found at $0.00000168 and $0.00000148.
In a statement afterward, the analyst also said that meme coins do not belong in his long-term investment portfolio. However, meme coins like PEPE are great coins for trading due to their high trading volume and liquidity. The analyst also announced that he is currently accumulating Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK).
PEPE’s rally is a rising trend with the popularity of meme coins. However, these coins often have high volatility and can cause rapid price fluctuations. Therefore, traders are advised to be cautious and apply risk management strategies.
You can follow the current price action here.