Let us explore why the Pepe Coin price may be ripe for a strong bullish breakout if Ethereum surges to $5,000 in the near term.
$ETH has struggled to move above the resistance of $4,000 in the past few days. Still, as we wrote recently, there are rising odds that ETH price will stage a strong comeback and hit $5,000. We pointed to the ongoing whale accumulation, rising Ethereum transactions, and growing inflows in ETFs.
$PEPE Pepe coin price is likely to do well if Ether surges because it is the second-biggest meme coin in its ecosystem after $SHIB Shiba Inu.
The bullish outlook noted by technicals are also reflected by on-chain metrics, which also point to a massively optimistic future for Pepe Coin price.
Pepe Coin Technical Analysis
The daily chart shows that the Pepe coin price continues its consolidation after it reached the year-to-date high of $0.00002827. A falling wedge pattern continues to form, a highly bullish sign. This pattern had two falling and converging trendlines and often leads to gains when the two lines near their convergence.
Pepe price remains above the 50-day moving average. It also recently formed a small inverse head and shoulders pattern. The distance between the YTD high and the head is about 33.42%. Therefore, if we measure this distance from $0.00002595, we estimate that the Pepe coin price will get to $0.00003450, which is 47% above the current level.
The bullish view is invalidated if the Pepe Coin price drops below the psychological point at $0.20. Such a move points to further drops to $0.00001712, the upper side of the previous cup and handle pattern.
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