The cryptocurrency market is constantly moving; There is a potential shift in SHIB and its position in the nascent sector. One analyst presented a bullish case for PEPE, which could directly affect SHIB’s position in the meme coin market.
At the time of writing, PEPE has significantly outperformed SHIB and other memecoins. PEPE records a 14% increase in the last 24 hours alone and a 90% increase in the last two weeks, while SHIB records an 18% gain over the same period.
Should SHIB investors fear the impact of PEPE?
One analyst believes that the current PEPE price action will extend beyond the early stages of the current bull cycle, following a successful breakout beyond 7730 and 8127; As seen in the chart below, the cryptocurrency reached a critical resistance level. the analyst fixed:
$PEPE That was a quick move to retake the range. The first target was reached at 10800, but I ultimately have a spot bag of this level for the coming cycle. I still maintain the idea that $PEPE will be the $SHIB of this cycle.
However, the analyst believes that PEPE’s rebound is just beginning. The cryptocurrency recovered a significant area and could continue to rise beyond its all-time high and venture into uncharted territory during the bull cycle.
Altcoins to watch in the next cycle
PEPE is one of the altcoins that the analyst is following closely. In addition to the meme coin, the trader expects the nft and gambling sectors to flourish in the coming months.
Apecoin’s APE and LidoDAO’s LDO have been rising due to the current bullish momentum in the market. LDO alone could reach the $2 target in the near term and continue its run towards $3 territory.
Other cryptocurrencies to keep in mind if these sectors are trending up are eth, DOGE, BLUR, and ORDI. Regarding APE, the analyst stated:
APE So far so good. Quite strong and about to test an important high-term resistance zone. Clear this and I think we can look for ~$1.8 next. If NFTs also bounce, that would help.
At the time of writing, APE is trading at $1.3 with a 25% gain in the last two weeks.
Cover image from Unsplash, chart from Tradingview
