How High Can Pepe Coin Price Rise in December?

Meme coins saw a strong performance in November, aided by risk sentiment in the crypto sector. Pepe Coin price was one of the best performers as its value more than doubled. So how high can the third largest coin jump in December?

Pepe Coin Price Has Positive Technicals

Technical analysis of Pepe Coin price indicates a potential comeback now that it has declined for two consecutive weeks. The token formed a cup and handle pattern between May and November this year.

A C&H pattern forms when an asset forms a rounded bottom. In this case, the upper part of this cup was at $0.00001717, which broke out on November 13. Ideally, when this breakout occurs, traders estimate the next target by measuring the depth of the cut. The depth was about 65%. So, if we measure 65% from $0.00001717, we estimate that the coin will rebound to $0.000028.

Pépé Prize formed two more bullish patterns. First, it created a falling wedge pattern, which has two descending and converging trend lines. This pattern often leads to a strong bullish breakout when the two lines are about to converge.

Second, Pepe coin price formed a breakout and retest pattern. This trend forms when an asset breaks above a key resistance point – in this case, $0.00001717 – and then tests it again. It retested it on November 26 and formed a morning star candlestick.

Therefore, a combination of these trends and the fact that it has remained above the 50-day moving average means that the coin will rebound in December and possibly reach the C&H target at $0.000028. However, this view will become invalid if the coin falls below $0.000016, a few points below the upper part of the cup.

Pepe could be in accumulation mode

Most crypto analysts who follow the coin have a bullish view and expect it to stage a strong rally. In an X post, Wyckoff Insider noted that the coin was in the reaccumulation phase. As such, he expects that the final phase of the bull run is only just beginning.

THE Wyckoff method is an ancient approach that identifies four phases of market action: accumulation, markup, distribution and markdown. In accumulation, an asset has little price action, while markup is generally the most bullish section.

The other optimistic argument in favor of Pepe is that it is still one of the most traded meme coins. Its 24-hour volume on November 28 was $4 billion, second only to Dogecoin. There are also signs that the whales accumulate the Pepe piece.

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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.