As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen my fair share of meme coin rollercoasters. However, the current trajectory of Pepe Coin (PEPE) has caught my attention.
Pepe Coin price staged a recovery while bullish momentum signals potential gains ahead
As an analyst, I’ve noticed that the meme coin PEPE, which ranks third in its category, has experienced a substantial surge. On Tuesday, it reached $0.000021, representing its highest point since November 18 and signifying a remarkable increase of 260% from its lowest point last year.
As Bitcoin (BTC) approaches the significant $100,000 barrier, there’s been an increase in FOMO (Fear of Missing Out) among cryptocurrency investors, with the Fear & Greed Index spiking to 85, reflecting a sense of excitement and anticipation.
Information from the blockchain indicates that significant purchases of PEPE, the cryptocurrency, continue among large investors, or “whales.” One such whale is said to have transferred approximately $2.3 million in PEPE from Binance into a personal wallet. Data provided by Llama Feed suggests that on Thursday, November 21st alone, these large investors bought over $10 million of PEPE.
Someone spent 2M $USDC to buy 105.33B $PEPE in a single transaction!
Address:
0xd71c6b3760cfd22e50e5514d163986552a96930b— Lookonchain (@lookonchain) November 21, 2024
As a crypto investor, I’ve noticed an exciting surge in trading activity for PEPE. In fact, within the past 24 hours, the volume of this meme coin has skyrocketed to over $5 billion! This puts it in the second position among meme coins, trailing only behind Dogecoin, which recorded an impressive daily volume of $10.2 billion. It’s a thrilling time to be part of this dynamic crypto market!
Pepe Coin price could get supercharged
The graph of Pepe Coin suggests robust optimistic signs that might drive its value upward over the next few months. Initially, the token has constructed a cup and handle structure, which historically is considered bullish, with the top line at approximately $0.00001721.
Afterward, the price of PEPE has climbed over both its 50-day and 200-day Exponential Moving Averages, indicating that the bulls have taken charge.
Thirdly, a bullish engulfing pattern is now visible. This pattern, known for its large green candle completely encompassing the previous red candle, frequently signals upcoming substantial price surges.
It’s predicted that the value of the coin could increase significantly and possibly hit its highest point this month at approximately $0.000025, which is around 23% higher than its current value. Exceeding this level would disrupt the double-top pattern, suggesting further price increases might follow.
To predict a possible price of about $0.000045 for the cup (which is currently at lower levels), technical analysts are using measurements from its top and bottom edges, expecting an increase of around 110%. On the other hand, if it falls below the support level of $0.000016, this could challenge the optimistic forecast.
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2024-11-21 17:32