Pepe price rose and broke above a key resistance level as some analysts predicted Elon Musk was secretly chasing the coin.
Will the price of PEPE increase after the alleged complicity of Elon Musk?
Some crypto analysts predicted that Elon Musk, the richest person in the world, was secretly searching for the coin. In a post Chandler Bingnoted that Musk’s social media activity supported the coin.
In another post, he said Musk’s behavior reflected what he did for Dogecoin in 2020 when he started to love and retweet memes. He then went public with his support for DOGE in 2021, sending it to an all-time high. This year, the coin soared after its nomination to lead the Department of Government Effectiveness (DOGE).
Yet Musk, who has a net worth of nearly $350 billion, has not publicly stated that he supports the coin, making Bing’s X-rated posts largely hypothetical. Musk has publicly stated that he only owns Bitcoin and Dogecoin.
However, the value of Pepe would probably go parabolic if he supported it due to his influence and the fact that millions of people look up to him. Just recently, most of the Musk-themed plays, like Dogelon Mars and the Department of Government Effectiveness, have all surged.
PEPE technical analysis: new ATH following
Like our previous Pepe Coin Price Predictions As shown, there are increasing chances that the coin will make a strong comeback and reach an all-time high.
Most analysts agree that this vision will occur in the coming days. In an article X, an analyst known as Jameson noted that Pepe had just broken above a key resistance level on the two-hour chart. He sees it reaching a record level in the short term.
Pepe has one of the best daily charts in crypto. As shown below, the coin recently jumped above key resistance at $0.00001717, the upper part of the cup and handle pattern, a popular continuation sign.
It also remained well above the 50 and 100 day moving averages. More importantly, the Pepe coin formed a bullish pennant pattern displayed in blue. This pattern occurs when an asset forms a parabolic movement followed by a symmetrical triangular pattern formation.
This triangle is now approaching its confluence level, meaning the coin has even more upside to go. If that happens, the first target will be the all-time high of $0.000025, which is 20% above the current level. The ultimate target for Pepe will be $0.000049, which we estimated by measuring the top and bottom sides of the C&H model.
On the other hand, a drop below the psychological point of $0.000015 would invalidate the bullish scenario.
Frequently Asked Questions (FAQ)
No. Musk, the richest man in the world, has not supported Pepe, but a future X position supporting the coin cannot be ruled out.
Such a move would be very optimistic for the coin due to its influence in the United States and around the world.
The Pepe coin has formed many bullish patterns like a pennant, a cup, and a handle. It also remains above all moving averages, pointing to more gains.
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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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