How High Can Pepe Coin Price Surge In December?
Meme coins had a strong performance in November, helped by the risk-on sentiment in the crypto industry. Pepe Coin price was one of the top performers as it more than doubled in value. So, how high can the third-biggest meme coin jump in December?
Pepe Coin Price Has Positive TechnicalsTechnical analysis of the Pepe Coin price points to a potential comeback now that it has dropped 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 side of this cup was at $0.00001717, which broke out on November 13. Ideally, when this breakout happens, traders estimate the next target by measuring the depth of the cup. In the depth was about 65%. As such, if we measure 65% from $0.00001717, we estimate that the coin will rebound to $0.000028.
Pepe price has formed two other bullish patterns. First, it has created a falling wedge pattern, which has two falling and converging trendlines. This pattern often leads to a strong bullish breakout when the two lines are about to converge.
Second, Pepe coin price has formed a break and retest pattern. This pattern forms when an asset breaks above a key resistance point – in this case, $0.00001717 – and then retests it. It retested it on November 26 and formed a morning star candlestick.
Therefore, a combination of these patterns and the fact that it has remained above 50-day moving average, means that the coin will rebound in December, and possibly hit the C&H target at $0.000028. This view, however, will become invalid if the coin drops below $0.000016, a few points below the upper side of the cup.
Pepe Could Be In An Accumulation Mode
Most crypto analysts following 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 re-accumulation phase.
