During the Asian market session on Monday, the cryptocurrency market displayed a neutral stance after a recent correction. The pioneer cryptocurrency, Bitcoin, maintained its position above $68,000, while the altcoin market demonstrated potential for a bottom formation. Amidst the U.S. presidential election, analysts highlighted a repetitive pattern in Pepe coin price prediction that could lead to a 1,400% surge.
Crypto analyst Waleed.Eth shared a tweet with a wave formation in Pepe coin price prediction that sparked the bull run from February to May 2024. The initial allocation marked in mid-2023 set the stage for Wave 1, characterized by progressive upward movement and resistance points labeled as Top 1 and Top 2.
The PEPE price witnessed a post-rally correction to recuperate exhausted bullish momentum for the actual rally. The downturn offered a fake breakdown below the 200 Exponential moving average as a shake-out to remove weak hands from the market and attract long-term investors. Over the past eight months, the PEPE coin price prediction showed a similar structure of 2 tops and a fake breakdown below the 200 EMA.
If history repeats, analysts predict a third-wave rally for Pepe coin to target $0.000118, registering a $1400 increase. Consequently, the asset’s market cap could reach $50 billion. Saintly data revealed that the 30-day Market Value to Realized Value (MVRV) ratio recently dropped to -16%. The MVRV indicator assesses overbought or oversold conditions, signaling potential market reversals and opportunities for strategic accumulation.
The negative value suggests short-term buyers face losses, increasing their risk of capitulation if the market correction continues. Historically, such exits of speculative traders have often attracted long-term buyers, aligning with the wave analysis thesis. The Pepe coin price prediction traded at $0.00000082, with an intraday gain of 1.34%.
The coin holds a market cap of $3.48 billion and a 24-hour trading volume of $1.23 billion. The coin price is currently seeking support at an emerging trendline of a triangle pattern intact since April 2024. If the bottom support holds, the Pepe coin price could rise 32% to hit the overhead trendline, potentially igniting wave 3.
However, the coin price could prolong its consolidation until the two converging trendlines are intact.
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<p>The post A Look into the Pepe Coin Price Prediction: Wave Formation Historical Patterns and Market Value to Realized Value MVRV first appeared on CoinBuzzFeed.</p>
