- Michael van de Poppe recently shared his expectations for AVAX and the popular meme coin PEPE.
- In his tweets, the trader explained that AVAX stands a good chance of a price increase if it can stay above $14.80.
- On the other hand, van de Poppe revealed that PEPE will face even further price drops if it can not stay above $0.0000016.
The renowned crypto trader and analyst, Michael van de Poppe, revealed in two tweets posted yesterday that he was bullish on Avalanche (AVAX), but he believes the same could not be said for the trending meme coin Pepe (PEPE). According to the post, van de Poppe believes that PEPE’s current downtrend is likely to continue in the next few days.
Request 03 – $PEPEThis chart continues the downtrend, which means that every block of resistance is basically an area to short, just like the 160000 area.I'd prefer to see that reclaimed, if you want to long, otherwise short until 147000 and 115000 or even 85000. pic.twitter.com/YqMjpENV54— Michaël van de Poppe (@CryptoMichNL) May 22, 2023
The trader also shared that every block of resistance on the meme coin’s chart is an area to short PEPE. If the price of PEPE fails to stay above the crucial $0.0000016 level, van de Poppe suggested that this would create the perfect shorting opportunity. He added that traders can continue to short PEPE until it drops to $0.00000147 or even $0.00000115.
PEPE price (Source: CoinMarketCap)
Data from CoinMarketCap indicated that, at press time, PEPE was trading below the $0.0000016 level at $0.000001568. This comes after the meme coin suffered a 0.40% price drop over the past 24 hours, which also pushed PEPE’s weekly performance even further into the red at -6.88%.
On the other hand, van de Poppe pointed out a bullish divergence in AVAX’s higher timeframe support in a separate tweet. The trader explained that the altcoin’s next move will likely depend on what Bitcoin (BTC) does next. However, he did believe that if AVAX can climb above $14.80, it could trigger a strong confirmation of the bullish divergence.
AVAX price (Source: CoinMarketCap)
At press time, AVAX was one of the cryptocurrencies trading in the green after a 2.97% price increase over the past day. As a result, AVAX was trading just below the important $14.80 level at $14.78.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Popular Crypto Trader Predicts Continued Downtrend For PEPE appeared first on Coin Edition.