Q4 sentiment in the crypto market is steadily recovering as Bitcoin price approaches the new all-time high. Amid the bullish momentum, the meme cryptocurrency sector shows the potential to generate a high-momentum rally due to its analyst volatility. The crypto analyst highlights that Pepe coin price could lead the charge as it replicates the chart formation of the 2021 DOGE rally.
Analyst Predicts Pepe Coin Price to Mirror DOGE’s 2021 Rally
In a recent tweet, crypto analyst Waleed.Eth shared interesting similarities between Pepe Coin and Dogecoin price ahead of its 2021 rally. His daily chart analysis shows that DOGE price trended sideways for several years before proposing a major breakout that led to a 29% surge. 100% at $0.73..
Over the past 5 months, Pepe coin price has exhibited a similar consolidation, which has caused its value to drop by 49.7% from the all-time high of $0.000017. However, the crypto market is signaling the potential for further upside after Bitcoin skyrocketed to a new high and US presidential election in 2024.
If the theory is true, a 2020-style DOGE rally could propel the PEPE Price up to a maximum of $0.0025.
Investor Confidence Rises as Pepe OI Skyrockets 182%
According to coin mechanism According to the data, the Pepe coin has seen a notable rebound in its future open interest. With an OI value of $60.5 million in early August, it jumped to $170.8 million, a growth of about 182.3%.
This significant increase implies growing investor confidence and increased market activity around the coin, potentially signaling bullish sentiment and increased speculative interest in Pepe’s future performance.
PEPE price analysis hints at an imminent breakout
At press time, Pepe price was trading at $0.0000086, with an intraday loss of 2.47. According to CoinGecko Data, PEPE’s market capitalization stands at $3.64 billion, while the 24-hour trading volume stands at $781.2 million. With sustained sales, the The price of PEPE could fall 3.67% to reach 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 of the overhead trendline could signal a continuation of an uptrend.
However, if the overhead trendline remains intact, Pepe coin price could delay the key breakout.
Frequently Asked Questions (FAQ)
Pepe Coin’s current consolidation phase shows similarities to the 2021 DOGE pattern, where an extended sideways trend preceded a major breakout.
PEPE price is currently following a symmetrical triangle pattern, indicating a consolidation trend before a major breakout.
If the overhead trendline remains intact, Pepe coin price could see 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 solid command of technical analysis, he keeps a vigilant eye on the daily price movements of major assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging field of cryptocurrencies, where he continues to explore opportunities driven by his passion for trading.
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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