As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market predictions come true and miss their mark. However, the bullish sentiment surrounding Pepe Coin is hard to ignore, especially when backed by a respected analyst like CryptoZeus.
The cost of Pepe Coin is climbing and suggests a potential bullish breakout, as it’s closely tied to Ethereum which has also been gaining momentum due to the broader crypto recovery driven by Bitcoin. Some crypto analysts are now optimistic about Pepe Coin, with one forecasting that if Bitcoin reaches $350,000 in value, the altcoin could reach a market cap of $15 billion.
Analyst Predicts Price Explosion for Pepe Coin Price
A crypto analyst has predicted the potential surge of Pepe coin to over $15 billion market cap by focusing on its relationship with Bitcoin.
Talking Some Big $PEPE Price Analysis & Some Huge #Crypto Predictions Big Week Ahead
Check It Out Here
— Crypto Zeus (@CryptoZeusYT) September 24, 2024
In my latest YouTube video analysis, I delved into the potential reasons why the PEPE token might be on the verge of a massive surge. Historically, meme coins like PEPE have shown remarkable outperformance compared to Bitcoin during bullish market rallies. Therefore, considering the possibility of significant growth in Bitcoin’s value, it seems reasonable to anticipate substantial price increases for the PEPE coin as well.
If Bitcoin’s price skyrockets by a significant 400% to reach $350,000, the analyst predicts that the market capitalization of Pepe coin could potentially balloon up to an impressive $15 billion.
Is it possible that the strong forecast holds up, given that Pepe Coin’s price appears to be on the verge of an upward trend? Yet, it’s worth noting that Ethereum might encounter difficulties as some big investors cash out while Ether exchange-traded funds (ETF) are experiencing decreasing net inflows. Could Pepe Coin continue its bullish momentum if Ethereum experiences a potential sell-off?
Ethereum Woes Could Dampen PEPE Price Action
As an analyst, I’ve observed some substantial challenges that have prevented Ethereum from scaling as swiftly as Solana. These issues have left some PEPE coin investors apprehensive, fearing that Ethereum’s performance may influence the value of PEPE and potentially limit its growth.
1. Ethereum ETF Lackluster Performance Persists
Based on Soso Value’s data, there were $79.3 million in outflows for U.S. Ethereum ETFs on September 23. This is the most significant one-day net outflow that has occurred since July 29.
Grayscale recorded the largest outflow of $80.55 million, while Bitwise’s ETHW saw $1.34 million inflows. Negative outflows usually point to negative investor sentiment and could impact prices negatively.
2. A $380M ICO Whale Wakes Up
It was observed by the on-chain analysis firm Lookonchain that a large ICO investor, holding approximately 150,000 ETH (worth around $380 million), became active after a period of inactivity. This whale then transferred 3,510 ETH, equivalent to about $9.12 million, to the exchange Kraken, which has raised concerns about a possible selling action, potentially affecting the Ethereum market.
An #Ethereum ICO participant who gained 150,000 $ETH($389.7M) deposited 3,510 $ETH($9.12M) into #Kraken after being dormant for over 2 years!
The participant received 150,000 $ETH(ICO cost was $46.5K, now worth $389.7M) at #GENESIS.
— Lookonchain (@lookonchain) September 23, 2024
Additionally, it’s worth noting that the Ethereum Foundation has been actively selling Ethereum and just recently disposed of an additional 100 Ether (equivalent to about $264,000). This brings their total Ether sales for this year up to 3,566 Ether, which translates to approximately $9.94 million in U.S. dollars.
Over the past week, the price of Pepe coin, closely tied to that of Ethereum, has jumped by 11.2%. However, in the last day, it has experienced a minor dip of 2.7%.
Pepe Coin Price Analysis: 61% Extended Gains in The Short Term
The price of PEPE is currently surging beyond an upward-sloping triangle pattern, demonstrating a typical breakout followed by a retest. Previously, the resistance level for PEPE was around $0.000008, but it has now been established as support.
If Pepe Coin falls back to its $0.000008 support level, it may experience a potential increase of 61%, reaching approximately $0.0000126. Should it surpass this resistance, PEPE could potentially double (112%) and return to its previous all-time high.
If Pepe coin’s price doesn’t recover from its current test, it might drop back into the triangle, but this wouldn’t change the overall bullish outlook. But if the value drops below the triangle, PEPE could find support at a lower level, around $0.000006, which would shift the sentiment bearish.
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2024-09-24 13:34