During Monday’s Asian market session, the cryptocurrency market was neutral after a notable correction last week. As the pioneer cryptocurrency, Bitcoin, maintains its position above $68,000, the altcoin market shows potential for bottom formation. Amid the US presidential election, crypto analysts highlight a repeating trend in Pepe coin price prediction, signaling the potential for a 1,400% upside.
Analysts Predict 1,400% Rally for Pepe Coin Price Prediction as Historical Patterns Emerge
In a recent tweet, crypto analyst Waleed.Eth shared an interesting wave formation in Pepe coin price prediction, which triggered the bull run from February to May 2024. The initial allocation marked in mid-2023 paves the way for a defined wave 1, characterized by a gradual upward movement and resistance points marked as Top. 1 and top 2.
Furthermore, the PEPE Price witnessed a post-rally correction to reclaim the exhausted bullish momentum for the actual rally. The economic slowdown offers a false breakdown below the 200 exponential moving average, as a way to rid itself of weak hands in the market and attract long-term investors.
Over the past eight months, PEPE coin price prediction has shown a similar structure of 2 highs and a false breakdown below 200 EMA. If history repeats itself, analysts predict a third wave of rally for Pepe coin which would target $0.000118, registering a potential growth of 1,400%. Consecutively, the market capitalization of the asset could reach $50 billion.
Short-term risks for investors increase as MVRV falls below zero
According to Feeling According to the data, the 30-day market value to realized value (MVRV) ratio recently fell to -16%. The MVRV indicator is crucial for assessing overbought or oversold conditions, signaling potential market reversals and strategic accumulation opportunities.
This negative value suggests that short-term buyers are incurring losses, increasing their risk of capitulation if the market correction continues. Historically, these speculative trader exits have often attracted long-term buyers, which aligns with the wave analysis thesis mentioned earlier.
PEPE Price Analysis Signals Major Reversal With Triangle Pattern
With crypto market todayPepe coin price prediction had been trading at $0.00000082, with an intraday gain of 1.34%. According to CoinGecko Data, this frog-themed meme coin has a market cap of $3.48 billion and a 24-hour trading volume of $1.23 billion.
The coin’s price is currently seeking support on an emerging trendline of a triangle pattern intact since April 2024. If the lower support holds, the Pepe coin price could increase by 32% to reach the overhead trend line. A possible breakout could trigger the aforementioned wave 3.
However, the coin price could extend its consolidation until the two converging trendlines are intact.
Frequently Asked Questions (FAQ)
Analysts have observed recurring historical patterns in Pepe coin price movements, particularly wave formations.
Traders should keep an eye on the symmetrical triangular pattern that PEPE coin is currently forming.
The 30-day market value to realized value (MVRV) ratio recently fell to -16%, signaling that short-term buyers are facing losses.
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.
✓ Share: