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PEPE is getting ready for the bull run: Big rise is at the door
A crypto analyst pointed out similarities between the Pepe price and DOGE's 2021 rally, indicating new highs.
As positive expectations for the fourth quarter in the crypto market gradually recover, the price of Bitcoin is also approaching a new all-time high. Within this upward momentum, the meme cryptocurrency sector, known for its volatility, has the potential to lead a high momentum rally. A cryptocurrency analyst emphasizes that the price of Pepe Coin is mimicking the chart formation prior to DOGE's rally in 2021.
Dogecoin (DOGE) rally signals PEPE
In a recent post, crypto analyst Waleed.Eth shared interesting similarities seen before 2021 between Pepe and Dogecoin prices. According to the daily chart analysis, the DOGE price remained flat for years before making a big jump. After that, there was a 29,100% increase.
In the last 5 months, Pepe's price also showed a similar consolidation and decreased by 49.7 percent from its ATH of 0.000017 dollars. However, the crypto market is signaling a new bull run after Bitcoin's rise to a new peak and the 2024 US presidential elections. If this theory proves to be true, a rally similar to DOGE in 2020 could push Pepe's price up to 0.0025 dollars.
Investor confidence is increasing
According to Coinglass data, there has been a significant recovery in Pepe's open position volume. The OI value of $60.5 million at the beginning of August increased to $170.8 million, showing a growth of approximately 182.3%.
This significant increase indicates an increase in investor confidence and intensified market activity around memecoin. This development signals a trend of upward movement and increased speculative interest in Pepe's future performance.
Levels to watch out for PEPE
At the time of publication, Pepe was trading at $0.0000086 and experienced a daily loss of 2.47%. According to CoinGecko data, PEPE has a market value of $3.64 billion and a 24-hour trading volume of approximately $781.2 million. With selling pressure, the price of PEPE may drop by 3.67% and reach the support trend line of the symmetrical triangle pattern.
This chart pattern guides the consolidation trend mentioned above within two converging trend lines. A potential breakout from the upward trend line could indicate a continuation of the uptrend. However, if the upper trend line is not broken, Pepe may start a major rally.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.