Pepe Coin price remains in a bear market after falling 23.3% from its yearly high. Crypto experts expect the popular coin to rebound and surpass its all-time high in the near term.
Crypto Analysts See Pepe Coin Price Hitting New ATH
Most cryptocurrency analysts agree that it is only a matter of time before Pepe’s price rises 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 make a bullish breakout soon. He believes it has moved towards the ABC model and towards a symmetrical triangle, which is approaching its confluence level. In most periods, this trend leads to a strong bullish breakout.
This view was shared by other analysts like Dami-DeFiwhich has more than 76,000 subscribers, and Trader ELM.
Basically, traders note that Pepe is one of the most popular meme coins in the industry and has a real chance of toppling Shiba Inu. Data shows that Pepe consistently has higher trading volumes than Shiba Inu, a sign of merchant demand. Its 24-hour volume was $5.4 billion, compared to SHIB’s $1.9 billion.
Additionally, there are signs that whales are hoarding coin. Etherscan data shows a whale purchased Pepe pieces worth more than $65 million on Wednesday.
Pepe Price has solid techniques
The daily chart shows that Pepe coin price broke above the crucial resistance level of $0.00001721 on November 13. This is an important level since it was its highest level on March 27 and its previous all-time high.
Most notably, it was the upper part 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 rally takes a breather and some investors take profits. It remained above the 50-day and 200-day moving averages, which formed a golden cross in September.
Pepe coin price appears to form a doji candlestick pattern, characterized by a tiny body and long upper and lower shadows. In most cases, this is one of the most accurate reversal candlestick patterns.
It is therefore probable that the Pépé Prize will rebound and possibly retest the all-time high of $0.000025. A break above this level will indicate further gains up to $0.000030.
On the other hand, a crash below the support at $0.000017 would invalidate the bullish view. This will increase the possibility of a mean reversion as sellers target the 50-day moving average at $0.000012.
Frequently Asked Questions (FAQ)
Pepe Coin price could rebound to an all-time high due to its strong fundamentals and technical parameters. It formed a symmetrical triangle on the 4H chart and a cup and handle pattern on the daily.
The most likely scenario is that Pepe coin recovers and hits an all-time high of $0.000025 in the near term.
Some of the potential catalysts for the Pepe token are its strong technical characteristics and the fact that whales are accumulating the token.
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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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