The price of #pepe⚡ coin may be on the verge of a significant bullish breakout as it nears a crucial resistance level. The third-largest meme coin was trading at $0.000010 on November 8 after rising 40% from this week’s low. Crypto analysts suggest that these gains could continue.
Analysts Predict Continued Growth for Pepe Coin
Crypto analysts expect that Pepe’s price will continue to rise amidst the ongoing bullish trend among meme coins. CryptoLens, an analyst with over 32,000 followers, predicted that Pepe could reach $0.000124, representing a 1,140% increase from its current level. He identified a symmetrical triangle pattern forming on the weekly chart.
Another analyst, Man of #bitcoin☀️ , sees further gains based on the Elliott Wave theory. According to his analysis, Pepe is currently moving into the third wave of this pattern, which is usually the longest and most impactful.
Strong Technical Indicators on the Weekly Pepe Coin Chart
The weekly chart for Pepe shows robust technical indicators that could support further upward movement in the coming weeks. A bullish engulfing pattern is visible, where a large bullish candle fully engulfs the previous bearish candle. This pattern is part of the handle portion of a developing cup and handle formation.
The coin has also reached the 38.2% Fibonacci retracement level and the 25-week moving average. If the price surpasses the descending trendline connecting the weekly highs since June, Pepe could rally to a key resistance level of $0.0001393.
On the other hand, a drop below last week’s high of $0.000010 would invalidate the bullish engulfing pattern, indicating a possible decline to $0.00008.
Daily Pepe Coin Chart Suggests Further Gains
The daily chart shows potential for additional gains if Pepe surpasses the critical resistance level at $0.00001150, where it has formed a double-top pattern. This price point is slightly above the descending trendline, resembling the neckline of a slanted inverse head and shoulders pattern. Pepe has also surged 25% above the 200-day exponential moving average, a sign that bulls are in control.
A clear break above the double-top point at $0.00001150 could signal further gains, with the potential to reach the yearly high of $0.00001726, a 60% increase from the current level.
A drop below $0.0000077, the neckline of the double-bottom pattern, would cancel the bullish outlook. If this occurs, Pepe could fall to the August low of $0.0000058.
Key Catalysts for Pepe Coin’s Growth: Crypto Market Performance and Whale Activity
Pepe’s future growth will likely depend on the overall crypto market performance and continued interest from whales. Further gains would be confirmed if Bitcoin continues to rise toward all-time highs.
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