PEPE Coin Price Prediction: Will the Memecoin’s Recovery Continue?
The cryptocurrency market is currently experiencing a surge in meme-related assets, with coins like DOGE, SHIB, PEPE, and FLOKI doubling in value within a span of two weeks. PEPE, a memecoin featuring a frog theme, has shown parabolic growth in its daily chart. This growth is supported by the formation of a reversal pattern and active whale accumulation, leading to a new all-time high of $0.000007583. The question now is whether the recovery will reach new heights or if there will be a minor dip before regaining strength.
Rounding Bottom Pattern Signals Potential for Further Gains
The parabolic growth of PEPE coin began on February 24th when the price sustained above the $0.0000015 support level. This bullish turnaround resulted in a 600% increase in the value of the memecoin within two weeks, reaching a high of $0.000008.
Spotonchain, an analytics firm, reports that three whales have made significant transactions in PEPE, collectively acquiring 1.02 trillion tokens worth about $5.94 million. These transactions include a withdrawal of 500 billion PEPE from Binance, a purchase of 340.9 billion PEPE with USDC, and a withdrawal of 182.4 billion PEPE by a notable trader who also withdrew 38.85 million MEME tokens.
This flurry of activity indicates growing interest and speculative investment in PEPE among major market players, suggesting potential for further gains in the memecoin space.
Is PEPE Coin Heading to $0.000012?
The nearly upright growth of PEPE coin has resulted in the formation of a bullish reversal pattern known as the rounding bottom pattern. This U-shaped chart setup signifies the end of a downtrend and the start of long accumulation leading to sustainable growth.
Currently trading at $0.0000079, the PEPE price could potentially rise by another 5% to reach the theoretical target of $0.00000835. This target is calculated based on the length of the pattern’s bottom to neckline and projected from the breakout point. If the bullish momentum continues, the next potential target for PEPE is $0.0000123.
However, it is less likely that this momentum rally will continue without the support of external news. Therefore, a notable correction may occur if the price reaches $0.00000835.
- Pivot levels: Traditional pivot levels suggest that the rising PEPE price may face overhead supply at $0.00000835, followed by $0.0000098.
- Average Directional Index (ADX): The ADX value, currently at a high of 57%, indicates that buyers are leading an exhausted rally and minor pullbacks may be needed to regain strength.
Hot Take: Will PEPE Coin Continue its Rise?
The recent surge in meme-related assets has brought attention to coins like PEPE, which have seen significant growth in a short period of time. The active whale accumulation and formation of a bullish reversal pattern indicate potential for further gains in PEPE’s price.
However, it’s important to note that such rallies often require external news or catalysts to sustain their momentum. Without additional positive developments, there may be a correction in PEPE’s price after reaching the $0.00000835 target.
As always, it’s crucial to conduct thorough research and analysis before making any investment decisions. The cryptocurrency market can be volatile, and prices can change rapidly. Stay informed and make well-informed decisions based on your own risk tolerance and investment goals.
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