As a seasoned crypto investor with a knapsack full of scars from previous market swings, I find myself standing at the crossroads of optimism and caution when it comes to Pepe Coin. On one hand, Alan Santana’s bearish prediction for October has me feeling a bit uneasy, considering the 55-day bullish wave that PEPE rode in the recent past. However, the talk of a meme coin supercycle, led by analyst Murad Mahmudov, has me intrigued and hopeful.
Recently, the cost of Pepe Coin has been climbing steadily, reaching both higher peaks and troughs. Despite a negative overall attitude towards this crypto inspired by a frog, a bearish expert forecasts a 66% drop in value for the asset come October. However, speculation about a new memecoin surge is arising again, which could potentially drive Pepe Coin’s price to record-breaking heights.
Analyst Sees Downside for Pepe Coin Price in October
According to market analyst Alan Santana, it’s anticipated that the value of PEPE could decrease in October. However, this prediction goes against the overall positive outlook that the broader market has towards the token.
#PEPE Goes Bearish After 55 Days Green
The move that started last week is not over, we are seeing the start of a down-wave.
On the 5th of August marked the conclusion of a bearish trend. For a span of 55 days, from the 5th of August until the 29th of September, PEPEUSDT experienced an uptrend, indicating a relatively gentle bullish phase.
— Alan Santana (@lamatrades1111) October 8, 2024
Santana notes that the price movement of PEPE coin has been leaning towards a downtrend as of late, predicting it could persist for approximately 22-27 days. This forecast is rooted in the coin’s pattern during the preceding bullish phase, which lasted 55 days.
Besides this, Santana holds the conviction that the value of the asset will plummet even below the level it reached during the crash on August 5, and this descent could have a domino effect on the overall market, much like the prior uptrend which encompassed the entire market as well.
The PEPE price has increased by 1.2% in the last 24 hours and is trading at $0.00000971.
Is A Meme coin Supercycle Upon Us?
Moving on to another topic, there’s been a lot of chatter about a ‘meme coin cycle’ in the cryptocurrency world recently, with analyst Murad Mahmudov predicting this trend could significantly impact the market dynamics.
He introduces the concept of ‘cults’ in crypto, highlighting the impact of strong communities in leading meme coins projects such as Shiba Inu and Dogecoin. Pepe Coin also enjoys such support as holders increased by 0.028% in the last 24 hours.
He lauded how some projects such as Pump.fun and Polymarket with mammoth communities have performed well without a token, while others like Dogwifhat (WIF), Popcat (POPCAT) and PEPE have shone with a product.
PEPE Price Eyes 75% Extended Gains
The current price trend for Pepe Coin indicates a possible surge beyond its usual range, which has been declining within a falling channel. This suggests that the market’s direction might be transitioning from negative (bearish) to positive (bullish).
It seems like the trend indicates that buyers are taking charge, pushing prices up beyond what sellers can manage. Following this breakout, there’s a smaller, symmetrical triangle pattern emerging, where the price persistently adheres to higher lows. This additional detail strengthens the optimistic perspective for the market.
The triangular formation in question aims to pierce through the resistance at approximately $0.00001700. This potential breakthrough would represent a significant increase of about 75% from current prices. Should the price remain above this level, the long-term forecast suggests further upward movement, possibly reaching $0.00002200 or even higher, contingent on the market’s overall momentum.
Currently, the level at $0.00000900 functions as a foundation for Pepe Coin’s price. Maintaining above this region is essential for further growth. If the price of Pepe Coin falls below its upward trajectory, it could indicate market instability and potentially cause a decline to $0.000008. Additional downward pressure might lead the asset to its support at $0.000006, which would contradict the current bullish outlook.
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2024-10-09 13:22