Due to speculation from some analysts that Elon Musk may be secretly buying PEPE, the token's price recently broke through key resistance and displayed upward momentum.
Will Elon Musk drive up PEPE's price?
Some crypto analysts have pointed out that Musk's social media activities seem to support this token. For example, analyst Chandler Bing mentioned in a post on X that Musk's actions are similar to what he did for Dogecoin in 2020—when he indirectly drove up DOGE prices by liking and sharing related memes, ultimately sending it to historical highs in 2021.
Recently, his appointment related to 'DOGE' has also sparked market associations, causing a brief surge in Bitcoin.
However, Musk has not publicly stated his support for PEPE. He has previously made it clear that his crypto asset portfolio only includes Bitcoin and Dogecoin. Therefore, these speculations about his support for PEPE remain conjectural and lack solid evidence.
Even so, if Musk expresses support for PEPE in the future, considering his influence and large follower base, it could significantly boost PEPE's value and even lead to explosive growth. Similar phenomena have previously occurred with tokens related to Musk, such as Dogelon Mars.
Technical analysis of PEPE
From a technical perspective, PEPE is showing strong upward momentum. As previously predicted, the token is very likely to rise further and challenge historical highs.
Crypto analyst Jameson pointed out in a post on X that PEPE has broken through the key resistance level on the two-hour candlestick chart. He believes this technical signal indicates that PEPE may rise rapidly in the short term and is likely to set a new high.
PEPE currently has one of the most outstanding daily charts in the cryptocurrency space. From a technical perspective, its performance is particularly impressive.
As shown in the chart, PEPE's price recently surged to the key resistance level of $0.00001717, which is the upper edge of the cup and handle pattern. The cup and handle pattern is a classic bullish continuation signal in technical analysis, suggesting that prices may rise further.
In addition, PEPE's price is well above the 50-day and 100-day moving averages, indicating that its overall trend is in a strong phase.
Notably, PEPE has formed a blue bullish flag pattern. This pattern typically appears after an asset experiences a parabolic rise, entering a brief consolidation phase.
Currently, the bullish triangle pattern of PEPE is nearing its convergence point, which usually signals an impending breakout. If this occurs, PEPE's first target price will be the historical high of $0.000025, which is about 20% higher than the current price. In a more optimistic scenario, by measuring the upper and lower ranges of the cup and handle pattern, its final target price can be projected at $0.000049.
However, the market also carries risks. If the price falls below the key psychological support level of $0.000015, this bullish expectation may be broken, potentially triggering further downward pressure.
