Pepe Coin price has been on an uptrend lately, forming higher and lower highs. While the general market sentiment for this frog-based crypto currently is pessimistic, a bearish analyst has predicted a 66% crash for the asset in October. Talk of the memecoin supercycle has resurfaced that could propel the price of PEPE to new highs.
Analyst Sees Downside for Pepe Coin Price in October
Markets analyst Alan Santana has predicted that the price of PEPE will drop in October. This is contrary to what the general market sentiment on the token is.
#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.
The 5th of August signaled the end of a down-move. From 5-August through 29-September PEPEUSDT moved up, that’s 55 days. That’s a mild bullish wave.… pic.twitter.com/swuObXMJS9
— Alan Santana (@lamatrades1111) October 8, 2024
Santana observes that the PEPE coin price action has recently shifted to a bearish trend, which he expects to last for 22 to 27 days. He bases this conclusion on the coins’ behavior during the previous bullish wave that lasted 55 days.
Not only that, but Santana also believes the asset will drop lower than the August 5 crash, and the downward trend will affect the entire market, similar to how the previous upward trend also included the entire market.
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?
On a completely different note, talk of a ‘meme coin super cycle’ has saturated the crypto space as analyst Murad Mahmudov forecasted such a wave reshaping the crypto markets.
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
Pepe Coin price shows a potential breakout after a prolonged downtrend within a descending channel, suggesting a shift in momentum from bearish to bullish.
This suggests that sellers have lost control as buyers drive the price higher. After the breakout, a smaller symmetrical triangle forms, with the price consistently respecting higher lows, further reinforcing the bullish outlook.
The breakout of this triangle targets the $0.00001700 resistance level, a potential upside close to 75% from current levels. If the price sustains above $0.00001700, the long-term outlook could see further upside towards $0.00002200 or higher, depending on the market momentum.
The breakout level of $0.00000900 now acts as a support, and holding above this zone is critical for continuation. If Pepe Coin price fails to stay above the rising trend line, it would signal market weakness, and it could drop to $0.000008. Further selling pressure would push the asset lower to $0.000006 support, invalidating the current bullish thesis.
Frequently Asked Questions (FAQs)
Analyst Alan Santana predicts a potential crash of 66% for Pepe Coin in October, expecting the price action to take a bearish turn that could last 22-27 days.
A “meme coin supercycle” refers to a potential trend where meme coins gain significant traction and price appreciation due to strong community support.
Despite bearish predictions, there is potential for Pepe Coin to achieve a breakout after a prolonged downtrend.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
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/bear-analyst-forecasts-66-crash-for-pepe-coin-price-amid-memecoin-supercycle-talks/
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