PEPE Price: Is Elon Musk Secretly Shilling Pepe Coin After Dogecoin?

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As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent surge in PEPE price has piqued my interest. The alleged shilling by Elon Musk, the world’s richest person, has been a topic of discussion among many analysts. While Musk hasn’t publicly declared his support for PEPE yet, his past actions with Dogecoin make one wonder if history might repeat itself.

The cost of Pepe coins surged and broke through a crucial barrier, with certain experts speculating that Elon Musk might have been discreetly promoting the token.

Will PEPE Price Rally After Elon Musk’s Alleged Shill?

As a researcher exploring the realm of cryptocurrencies, I’ve come across speculations suggesting Elon Musk, the wealthiest individual globally, might have been subtly endorsing a specific coin through his online presence. In a recent post on Reddit, Chandler Bing, a well-known observer, pointed out that Musk’s social media activity appears to be in favor of this particular digital currency.

In a previous discussion, it was noted that Elon Musk’s actions were similar to how he handled Dogecoin in 2020 by sharing and endorsing memes about it. Later on, he openly expressed his backing for DOGE in 2021, which propelled it to a new peak. This year, the price of the coin has skyrocketed following his appointment as head of the Department of Government Efficiency (DOGE), which could be interpreted as continued endorsement and enthusiasm for the cryptocurrency.

Despite Elon Musk’s vast fortune of approximately $350 billion, he hasn’t openly expressed support for the coin, leaving Bing’s speculative X posts based on assumptions. Publicly, Musk has only confirmed that he holds both Bitcoin and Dogecoin, but not specifically Shiba Inu.

As an analyst, I find myself pondering over the potential impact if Pepe publicly endorses a project. Given his immense influence and the admiration millions hold for him, such an endorsement could potentially trigger a steep increase in value for that project, much like what we’ve observed with Musk-related coins such as Dogelon Mars and Department of Government Efficiency recently.

PEPE Technical Analysis: New ATH Next 

Based on our earlier analysis of Pepe Coin, it appears increasingly likely that the coin could experience a significant rebound and potentially surpass its all-time high value.

According to many analysts, including Jameson in a recent post, we can expect Pepe to reach new record heights soon, as it has recently surpassed a significant resistance level on a two-hour chart.

Pepe’s cryptocurrency is currently displaying one of the top daily performance charts in the crypto market. As you can see from the graph below, the coin has just surged over the crucial resistance level at $0.00001717, which marks the upper boundary of the cup and handle pattern – a commonly recognized bullish continuation indicator.

The Pepe coin’s value has consistently stayed above both its 50-day and 100-day moving averages, which is noteworthy. More significantly, the graph indicates that Pepe coin has constructed a bullish pennant, represented by the blue line. This pattern occurs when an asset experiences a rapid upward trend followed by a symmetrical triangle formation.

The triangle shape in question is almost reaching its merging point, indicating that there’s potential for further growth in the coin’s value. If this occurs, our initial prediction is that it will hit $0.000025, a 20% increase from its current position. Our long-term goal for Pepe is even higher at $0.000049, a figure we arrived at by considering the upper and lower boundaries of the C&H pattern.

From my perspective as a researcher, dipping below the psychologically significant mark at $0.000015 could potentially undermine the bullish argument I’ve been advocating.

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2024-11-23 15:20