Pepe Coin price remains in a bear market after falling by 23.3% from its year-to-date high. Crypto experts expect that the popular meme coin will bounce back and blast past its all-time high in the near term.
Crypto Analysts See Pepe Coin Price Hitting New ATH
Most cryptocurrency analysts agree that it is just a matter of time before Pepe price jumps by 31% and hits its all-time high as the crypto bull run continues.
Bluntz, a popular crypto trader used Elliot Wave analysis on the four-hour chart to predict that the coin will soon make a bullish breakout. He believes that it has moved to the ABC pattern and a symmetrical triangle, which is nearing its confluence level. In most periods, this pattern leads to a strong bullish breakout.
This view was shared by other analysts like Dami-DeFi, who has over 76,000 followers, and Trader ELM.
Fundamentally, traders note that Pepe is one of the most popular meme coins in the industry and that it has a real chance to flip Shiba Inu. Data shows that Pepe regularly has higher volume metrics than Shiba Inu, a sign of demand among traders. It had a 24-hour volume of $5.4 billion compared to SHIB’s $1.9 billion.
Also, there are signs that whales are accumulating the coin. Data from Etherscan shows that a whale bought Pepe coins worth over $65 million on Wednesday.
Pepe Price Has Strong Technicals
The daily chart shows that the Pepe coin price blasted past the crucial resistance level at $0.00001721 on November 13. This was an important level since it was its highest level on March 27 and its previous all-time high.
Most notably, this was the upper side of the cup and handle pattern, a popular sign of a continuation.
The coin has now pulled back after hitting its all-time high of $0.00002595 as the recovery takes a breather and some investors take profits. It has remained above the 50-day and 200-day moving averages, which formed a golden cross pattern in September.
Pepe coin price seems to be forming a doji candlestick pattern, which is characterized by a tiny body and long upper and lower shadows. In most cases, this is one of the most accurate reversal candlestick patterns.
Therefore, there is a likelihood that the Pepe price will bounce back and possibly retest the all-time high of $0.000025. A break above that level will point to more gains to $0.000030.
On the flip side, a crash below the support at $0.000017 will invalidate the bullish view. It will raise the possibility of mean reversion as sellers target the 50-day moving average at $0.000012.
Frequently Asked Questions (FAQs)
Pepe Coin price could bounce back to a record high because of its strong fundamentals and technicals. It has formed a symmetrical triangle on the 4H chart and a cup and handle pattern on the daily.
The most likely scenario is where the Pepe coin rallies and reaches a record high of $0.000025 in the near term.
Some of the potential catalysts for the Pepe token are its strong technicals and the fact that whales are accumulating the token.
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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/crypto-analysts-agree-pepe-coin-price-will-blast-to-ath-soon/
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