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PEPE

Is Pepe Coin Ready for a 40% Climb to ATH? Reversal Pattern Offers Insights

Published

4 months ago

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The crypto market started the new week on a bearish note after Bitcoin suddenly dropped to $66700 on Monday. The BTC price witnessed intense supply pressure of $70000, which has stalled the recovery trend in the altcoin market since last week. Amid the sell-off, the Pepe coin records an intraday loss of 1% to hit $0.0000116, prolonging its breakout from the inverted head and shoulder pattern.

Also Read: Breaking: US Government Transfers 29,800 Bitcoin From Silk Road

77% of PEPE Coin Holders in Profit: Is a Major Price Breakout Imminent?

Despite the broader market recovery, the Frog-themed meme coin PEPE has showcased a sluggish trend over the past two weeks. The price, forming alternate green and red candles in the daily chart, shows no clear initiation from buyers or sellers to drive the asset.

The daily RSI slope wavering at 50% accentuates a neutral sentiment among market participants.

However, a deeper technical chart analysis shows this consolidation as an accumulation trend before an inverted head-and-shoulder breakout. The bullish reversal pattern is commonly spotted at the market bottom and projects a clear change in market sentiment with a new high-low formation.

BINANCE:PEPEUSDT Chart BINANCE:PEPEUSDT Chart
Pepe Coin| Tradingview

The PEPE coin price currently trades at $0.0000116, with a market cap of $4.88 Billion. A potential breakout from the neckline resistance will signal a significant reversal and provide buyers with suitable support for a further rally.

According to the chart dynamic, the post-breakout rally may drive the asset 40% higher to a new high of $0.000018.

Also Read: Breaking: Mt. Gox Readies Transfer of Remaining 80.5K Bitcoins, BTC Faces Pressure

The Global In/Out of the Money (GIOM) metric for Pepe Coin presents a positive outlook. Currently, 77% of PEPE coin addresses are ‘in the money’ (showing profits), whereas only 11% are ‘out of the money’ (incurring losses). This distribution hints at potential price stability, as most investors are in a profit-will-uplift panic selling scenario.

GIOM MetricGIOM Metric
GIOM Metric| Intotheblock

Approximately 35,230 addresses that acquired 56.5 trillion PEPE at prices between $0.0000110 and $0.0000130 are breakeven. A potential breakout from the Inverse Head and Shoulders (H&S) pattern would also propel these holders into profit. Additionally, the tiny red spheres on the GIOM chart indicate minimal resistance for PEPE to reach its all-time high.

The 50D and 100D EMA wavering close to $0.0000108 creates a strong buyer support zone. Thus, a breakdown below this support could invalidate the bullish thesis and plunge the asset 12% to hit an ascending trendline since April 2024.

Defending this support is crucial for buyers, as a further breach could lead to a major correction.

Frequently Asked Questions (FAQs)

No trend remains same in an asset indicate the PEPE price is poised for a major move. Amid the bullish inverted head and shoulder pattern the market dynamic lean in buyers favour.

‘In the money’ refers to a situation where the current price of an asset is higher than the purchase price, resulting in a profit for the holder.

The Relative Strength Index (RSI) measures the speed and change of price movements, providing insight into overbought or oversold conditions.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin

$2 Million PEPE Purchase Sees 105 Billion Tokens Snapped Up

Published

1 day ago

on

November 21, 2024

By


They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.



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Altcoins

‘Time Has Come’ – Top Trader Predicts More Rallies for Dogecoin, Updates Forecast for Bitcoin and PEPE

Published

5 days ago

on

November 18, 2024

By


An analyst who has earned the “Master Trader” rank on the crypto exchange Bybit believes top memecoin Dogecoin (DOGE) is primed for more rallies.

Pseudonymous analyst Bluntz tells his 291,000 followers on the social media platform X that Dogecoin appears to have completed an ABC corrective wave against Bitcoin (DOGE/BTC).

The trader practices Elliott Wave theory, which states that a bullish asset tends to witness a five-wave upside move after an “ABC” correction.

Says Bluntz,

“DOGE/BTC looking sendy again, swept the A wave lows and looks like a clear ABC down move now done.

I have been waiting for this one to cool off to start bull posting again and I think the time has come.”

Image
Source: Bluntz/X

Looking at the trader’s chart he seems to predict that DOGE/BTC will soar to as high as 0.000008 BTC ($0.73). At time of writing, DOGE is trading at $0.365.

Turning to Bitcoin itself, the analyst believes that BTC has started a fresh five-wave surge in the lower time frame, targeting $100,000.

“So far so good.”

Image
Source: Bluntz/X

At time of writing, Bitcoin is trading for $90,227.

As for the memecoin Pepe (PEPE), Bluntz says that the altcoin is likely en route to $0.00003.

“Don’t fade the magic PEPE squiggles.” 

Image
Source: Bluntz/X

At time of writing, PEPE is worth $0.0000214.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
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PEPE

PEPE Upsurge Stalls At Key Resistance, Eyeing Support At $0.00001152

Published

2 weeks ago

on

November 11, 2024

By


PEPE rally has come to an abrupt halt, as the price faces rejection at resistance and begins its descent toward the key support level of $0.00001152. After a strong upward push, the token has encountered significant selling pressure, raising concerns about the sustainability of its bullish strength. Now, all eyes are on the $0.00001152 mark to determine if it can support a rebound or if this is the beginning of a deeper pullback.

This article aims to navigate PEPE‘s recent price action as it encounters resistance, causing the rally to stall and the price to fall toward the crucial support level of $0.00001152. Through technical analysis, this piece assesses whether $0.00001152 will serve as a reliable support zone for a potential recovery or if the bearish pressure will push PEPE further downward. 

Resistance Strikes: What Halted Momentum Of PEPE?

Recently, PEPE’s price has turned bearish on the 4-hour chart, pulling back towards the $0.00001152 mark and the 100-day Simple Moving Average (SMA) after facing significant resistance at $0.00001313. This retracement signals growing bearish pressure, which could trigger a deeper correction for the cryptocurrency.

PEPE

The 4-hour Relative Strength Index (RSI) shows a decline from 77% to 60%, indicating a weakening of upbeat momentum. As the RSI moves closer to neutral, buying pressure has subsided, and the market’s confidence in the uptrend is fading. Specifically, this shift suggests that PEPE may be entering a correction phase, with the potential for further downward movement if the trend continues.

Although PEPE is trading above the 100-day SMA, the daily chart shows increasing negative sentiment with bearish candlesticks and a decline toward $0.00001152, reflecting rising selling pressure as the meme coin struggles to hold higher levels. If bulls don’t defend the current support, additional declines are possible, making the 100-day SMA critical to watch for a reversal or continued correctional movement.

PEPE

Finally, on the 1-day chart, the RSI is declining from its peak of 69%, indicating a potential shift in momentum. As the RSI nears the overbought threshold of 70%, this shows that buying pressure is easing, and the recent uptrend may be losing strength. The drop could signal a pullback or consolidation, with PEPE possibly entering a correction phase before attempting to regain upside pressure.

Can The $0.00001152 Level Hold As Support?

The market is testing its strength as PEPE’s price approaches the key support level of $0.00001152. This level has become crucial in determining whether the current bearish momentum will continue or if the price can stabilize. Should $0.00001152 hold, it may provide a foundation for a possible rebound, allowing bulls to regain control and resume the upside trend.

However, a breakdown below this level could signal additional declines, which could push the price toward the $0.00000766 support range and other lower levels.

PEPE



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