The Q4 sentiment in the crypto market is steadily recovering as Bitcoin price inches close to the new all time high. Amid the bullish momentum, the meme cryptocurrency sector shows potential to drive a high momentum rally due to their volatile analyst. The crypto analyst highlights that Pepe coin price could lead the charge as it replicates chart formation from DOGE’s 2021 rally.
Analyst Predicts Pepe Coin Price to Mirror DOGE’s 2021 Rally
In a recent tweet, crypto analyst Waleed.Eth shared interesting similarities between the Pepe Coin and Dogecoin price before its 2021 rally. His daily chart analysis shows that the DOGE price witnessed a multi-year sideways trend before offering a major breakout that led to a 29,100% surge to $0.73.
Over the past 5-months, the Pepe coin price showcased a resembling consolidation, which tumbled its value 49.7% from the all-time high of $0.000017. However, the crypto market signals the potential for a new bull run following the Bitcoin surge to a new high and U.S. presidential election in 2024.
If the theory holds true, a 2020-style DOGE rally could propel the PEPE price to a high of $0.0025.
Investor Confidence Grows as Pepe OI Skyrockets 182%
According to Coinglass data, the Pepe coin has experienced a notable rebound in its future open interest. From an early August OI value of $60.5 million, it surged to $170.8 million, representing a growth of approximately 182.3%.
This significant increase implies growing investor confidence and heightened market activity surrounding the coin, potentially signaling bullish sentiment and increased speculative interest in Pepe’s future performance.
PEPE Price Analysis Hints Impending Breakout
By press time, the Pepe price had traded at $0.0000086, with an intraday loss of 2.47. According to CoinGecko Data, PEPE’s market cap is at $3.64 billion, while the 24-hour trading volume moves at $781.2 Million. With sustained selling, the PEPE price could plunge 3.67% to hit the support trendline of a symmetrical triangle pattern.
This chart pattern drives the current consolidation trend mentioned above within two converging trendlines. A potential breakout from the overhead trendline could signal the continuation of a bullish uptrend.
However, if the overhead trendline remains intact, the Pepe coin price could delay the key breakout.
Frequently Asked Questions (FAQs)
Pepe coin’s current consolidation phase shows similarities to DOGE’s 2021 pattern, where a prolonged sideways trend preceded a major breakout
The PEPE price is currently following a symmetrical triangle pattern, indicating a consolidation trend before major brekaout.
If the overhead trendline remains intact, the Pepe coin price could experience further consolidation and delay the key breakout
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/analyst-foresees-pepe-coin-price-replicating-doges-2021-rally/
✓ Share: