NAIROBI (CoinChapter.com) — Max, a crypto enthusiast, recently shared his bullish perspective on Pepe Coin ($PEPE), calling it the “premier large cap $ETH beta of this bull market.” He believes that if Ethereum ($ETH) exceeds the $2800-$2900 range, $PEPE will hit new all-time highs. Max’s rallying cry to the crypto community is to “Respect the King,” highlighting $PEPE’s strong performance.
Ethereum and PEPE price forecast. Source: MAX/X
However, linking $PEPE’s success solely to Ethereum’s performance might be an oversimplification. Moreover, market dynamics are complex, and focusing only on Ethereum could miss other crucial factors affecting $PEPE’s price.
PEPE/USD 1-day price chart. Source: PostyXBT/X
Meanwhile, analyst PostyXBT also adds a positive note, spotting a bullish signal for $PEPE despite the broader market downturn. He points out that $PEPE is approaching a key price level and its 200-day moving average, reinforced by a pennant pattern that may indicate an upcoming price increase.
Pepe Coin’s Market Dynamics and October Outlook
Pepe Coin (PEPE) has carved out a niche in the canine-dominated meme coin market. Despite achieving a high of $0.00001718 four months ago, it has seen massive volatility, now trading at $0.000009716—a 43% decline from its peak following a recent 6.44% decrease.
PEPE/USD 1-day price chart. Credit. CoinMarketCap
Additionally, Pseudo Analyst Crypto Faibik, previously anticipated PEPE might reach $0.000012, and that surpassing $0.000015 could increase its market value by 50%.
PEPE Global In/Out of the Money. Source: Coinglass
Interestingly, despite these setbacks, 75.49% of $PEPE holders remain “in the money,” having acquired tokens at advantageous prices between $0.000002 and $0.000007, according to data from IntoTheBlock. Specifically, this strong foundation has kept downward pressure minimal, with only 9.32% of the holdings “out of the money.” Market watchers are optimistic about a rally if these conditions hold.
Changelly’s PEPE price forecast for ‘Uptober’. Source: Changelly
Pepe Coin has dropped 3.5% in the first week of October, dampening early optimism. However, Changelly’s forecast remains positive, expecting the average price to reach $0.0000190. PEPE could climb to $0.0000277 if conditions improve or fall to $0.0000103 if the downturn continues.
Additionally, Hellraiser’s analysis highlights a technical breakout in $PEPE’s chart, suggesting a bullish trend. Rising trade volumes and an upward trend line support this perspective, indicating that $PEPE might recover from its recent lows. With these factors, Pepe Coin could be set for new highs as ‘Uptober’ approaches.
Above all, Pepe Coin shows potential for a rebound in the coming weeks. Max’s optimistic forecast links $PEPE’s success to Ethereum’s performance, but broader market dynamics may play a larger role. With bullish signals from analysts like PostyXBT and Hellraiser, $PEPE could aim for new highs in October.
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