As a seasoned analyst with over a decade of experience in the cryptocurrency market, I have witnessed the rise and fall of countless digital assets. The latest buzz in town is the potential bullish breakout of Pepe coin, a meme coin that has been steadily gaining traction among investors.
The price of Pepe coin might be poised for a powerful surge upward, approaching a significant resistance point. Known as the third-largest meme token, it was trading at $0.000010 on November 8, following a 40% rise from its lowest point this week. With some crypto experts anticipating further growth, these positive trends could persist.
Analysts Expect Pepe Coin Price Rally to Go On
Crypto experts believe that the price of Pepe could continue climbing during this meme coin market surge. In a recent post on X, influential analyst CryptoLens (with over 32,000 followers) foresees the coin reaching $0.000124 using his weekly chart analysis – a potential increase of 1140% from its current value. He points out the symmetrical triangle pattern that has been developing in the market.
In my latest analysis, I have identified potential further gains in the crypto market, drawing upon the Elliot Wave pattern’s development. I believe we are now entering the third phase of this pattern, a stage that typically represents the longest and most powerful wave of the sequence.
Pepe Has Strong Technicals On The Weekly Chart
On a weekly basis, Pepe’s price shows robust technical indicators suggesting potential growth over the next few weeks.
The chart shows a bullish engulfing pattern, where a large bullish candle completely encloses a preceding bearish one. This engulfing is situated within the ‘handle’ part of a cup and handle formation that has been developing. Additionally, the price of the coin has reached the 38.2% Fibonacci Retracement level and aligns with its 25-week moving average.
Consequently, if it breaks through the falling trendline linking its highest weekly fluctuations since June, further increases are likely to be validated. Once this occurs, a possible uptrend to the significant resistance level at $0.0001393 might materialize.
Conversely, if the price drops near the previous week’s high of $0.000010, it would contradict the bullish engulfing pattern, suggesting instead a potential decrease towards $0.00008.
Pepe Coin Analysis On Daily Chart
If the price of Pepe surpasses the significant resistance level at approximately $0.00001150, it could lead to further increases according to the daily chart. At this price point, a double-top pattern has been formed. Notably, this price is slightly above the downward-sloping trendline, which appears to represent the neckline of an inverted head and shoulders formation tilted at an angle. The price of Pepe has risen by 25% over its 200-day Exponential Moving Average, indicating that the bulls are currently dominating the market.
Consequently, if we observe a sharp increase in price surpassing the double top at approximately $0.00001150, it suggests further growth, potentially reaching the year-to-date peak of $0.00001726, which represents a potential 60% rise from the current value.
Falling beneath $0.0000077 could weaken the double-bottom pattern and shift the optimistic outlook towards a bearish one. In such a case, the price might dip down to $0.0000058, which is its previous low from August.
Pepe’s primary driver is the overall growth of the cryptocurrency market, along with continued hoarding by large investors, often referred to as ‘whales’. A significant increase in Pepe will be evident when Bitcoin‘s value continues to climb towards a new record high.
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2024-11-08 17:25