Pepe Price Must Overcome This Obstacle For A Quick 10X Surge

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen many coins rise and fall like waves in the ocean. However, the current surge of PEPE has caught my attention due to its unique blend of strong fundamentals and meme-worthy appeal.

In the past 24 hours, Pepe’s value has risen by 3.9%, bouncing back from a daily low of $0.00002066. This upward trend is part of a substantial 85.6% rise over the past week, which followed a sudden surge from an extended bullish pennant consolidation for Pepe. At present, Pepe’s price is hovering around $0.00002257, with resistance building up at this level. Will Pepe manage to surpass this hurdle and reach new heights?

Pepe Price Faces Key Resistance

The current PEPE price is in a phase where it’s finding its value, but has encountered a local barrier around $0.000025. These price discovery stages can be tricky to interpret because they lack previous prices for potential support and resistance levels. However, figures like $0.000025 are often psychological resistances since they signify round, fixed amounts and also stand halfway between $0.000050.

It seems like this resistance could be caused by traders and short-term investors cashing out their profits. As per IntoTheBlock’s data, there has been a significant decrease (29%) in large holder inflow over the past week, and the number of transactions dropped drastically from more than 3,000 to just 660 between November 14 and 18. This trend suggests that major investors are selling off their positions at a profit, waiting for another suitable moment to re-enter the market.

Why Pepe Price Could Surge 1,000% After Clearing This Resistance

The cryptocurrency with a frog motif has been on an impressive upward trajectory, surging past a multi-year symmetrical triangle formation, driven by rising trading volumes and a rapidly ascending graph shape reminiscent of a parabola.

A surge above $0.00002175 substantiates an upward trend, as Fibonacci projections suggest potential higher price goals. The robust, bullish candle emerging from the symmetrical triangle underscores increased buying interest. No indications of a reverse are observed. An Average Directional Index (ADX) of 29.57 indicates a growing momentum behind the breakout, further validating its strength.

In simpler terms, when we consider the Relative Strength Index (RSI), it’s currently showing that the market may be a bit overextended. This could potentially lead to a period of consolidation or small reversals before we see more significant growth.

Just now, the PEPE coin’s price surge out of its symmetrical triangle pattern also hinted at a bullish pennant breakout. By applying the rule of thumb for a pennant’s height to predict the potential price target, we could see the value reaching approximately $0.0002760. This represents a significant increase of 10 times from its current price level.

How Likely Is a 1,000% Surge for Pepe in the Short-Term?

Elon Musk’s recent posts featuring Pepe on Twitter have raised its visibility, which might influence future price fluctuations. In the past day, he has shared images of Pepe and responded to related tweets, causing some investors to speculate that the PEPE price may surge soon. As more tweets from Musk are anticipated, there’s a possibility that enthusiasm among buyers will grow.

— Elon Musk (@elonmusk) November 17, 2024

 

The popular meme coin boasts robust daily transactions among the leading 20 digital currencies by market value. Furthermore, it has been added to trading platforms like Coinbase and Robinhood, which has undeniably bolstered its overall vigor.

Additionally, it’s worth noting that Bitcoin‘s price movements have a strong influence on Pepe’s performance because they share a close relationship. Analysts anticipate that if Bitcoin surpasses $90,000 and potentially hits $100,000, this could lead to a new peak in the value of the meme coin. Important political happenings and regulatory decisions within the US, particularly those associated with figures like Trump and pro-cryptocurrency actions from the SEC, can have a significant effect on the overall crypto market and Pepe’s price as well.

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2024-11-18 13:46