Ah, Pepe! The illustrious third-largest meme coin, a creature of the night, has been plummeting into the abyss since December, yet two chart patterns whisper sweet nothings of a robust rebound on the horizon. 🌌
Once, Pepe (PEPE) soared to a dizzying height of $0.00002833 in December, only to crash down like a clumsy acrobat, losing over 80% of its value this month. This tragic descent mirrors the fate of its meme coin brethren, all of whom have succumbed to the cruel hand of market forces, tumbling down from their 2024 peaks. 😱
Pepe’s Price: A Tale of a Falling Wedge and a Double Bottom
Technical sorcery suggests that Pepe may soon embark on a bullish breakout, a phoenix rising from the ashes, if you will. 🔮
Behold the daily chart! It reveals a falling wedge, a popular reversal pattern that looks like two sad trendlines converging in a dramatic embrace. The upper line connects the highest swings since December, while the lower line clings to the lower lows since November last year, like a desperate lover. 💔
Moreover, Pepe’s price has crafted a magnificent double-bottom pattern at $0.0000060. This double bottom, a tale of two lower swings and a neckline, finds its peak at $0.00002830, the stuff of legends—its all-time high! The double-top level also aligns with the strong pivot and reverse point of the Murrey Math Lines tool, which sounds far more impressive than it actually is. 📈
As if that weren’t enough, the Relative Strength Index has been on a tear, crossing the descending trendline that connects the highest swings since January—a sign of a bullish crossover pattern, or perhaps just a sign of too much coffee. ☕
Thus, the Pepe coin price is poised for a strong bullish breakout, with the next target set at $0.00002095, a lofty ambition that sits about 220% above its current level. 🚀
But beware! A bearish breakout below the key support at $0.000002980, the weak stop and reverse point of the Murrey Math Lines, would shatter this bullish dream like glass. 🥴
Potential Catalysts for Pepe Coin
Pepe has a few potential catalysts that might just catapult it higher in the coming weeks. First, the US has released some rather encouraging consumer inflation data. The report revealed that the headline Consumer Price Index has dropped from 3% to 2.8%. Core inflation, which conveniently ignores the volatile food and energy prices, fell from 3.3% to 3.2%. 🎉
US CPI was softer than the consensus forecasts, with monthly inflation at 0.2% for both core and headline (versus the expected 0.3%) and annual inflation at 3.1% and 2.8% (3.2% and 2.9%).
Regarding the components, travel-related items were soft, partially offset by coffee and…— Mohamed A. El-Erian (@elerianm) March 12, 2025
Secondly, Pepe’s futures open interest has risen like a loaf of bread in a warm oven, reaching $198 million on Wednesday, its highest level since March 7. However, it remains far below the year-to-date high of $556 million. Historically, big price gains start when the open interest is low, so let’s keep our fingers crossed! 🤞
Lastly, astrology analysts, those mystical seers of the stars, predict that the ongoing crypto sell-off may come to an end this week, coinciding with the lunar eclipse. Perhaps the moon will shine favorably upon Pepe! 🌕✨
Read More
- Rick Owens Gives RIMOWA’s Cabin Roller a Bronze Patina
- Alec Baldwin’s TLC Reality Show Got A Release Date And There’s At Least One Reason I’ll Definitely Be Checking This One Out
- Cookie Run Kingdom Town Square Vault password
- Judge Fines Oregon Man with $120 Million in Crypto Fraud Case
- ‘The Last of Us’ Gets Season 2 Premiere Date
- Unveiling the Enchanting World of Peer-to-Peer Crypto: A Witty Guide
- NEIGHBORHOOD Unveils SS25 Collection Featuring Keffiyeh-Inspired Pieces
- Disney+ Lost A Ton Of Subscribers After The Company Raised Prices, But It Didn’t Seem To Matter For Another Streamer
- After The Odyssey’s First Look At Matt Damon’s Odysseus, Fans Think They’ve Figured Out Who Tom Holland Is Playing
- Khao Yai ‘Art Forest’ Shakes Up Thailand’s Art Scene
2025-03-12 16:35