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PEPE Confirms Breakout From Symmetrical Triangle

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Meme coin PEPE has been on an impressive rally for some time now. Stemming from a broader influx of funds into the meme coin sector and the overall cryptocurrency market that has been in motion for the past two weeks, PEPE is currently up by 38% in the last seven days, outperforming its meme coin counterparts with larger market caps.

Interestingly, this impressive price action has seen PEPE breaking out of a downtrend pattern that has lasted for the past six months. This significant development was highlighted on the social media platform X by well-known crypto analyst Captain Faibik.

According to the analyst, PEPE’s price action has resulted in an upward breakout from a symmetrical triangle pattern, a technical formation that has been dictating its consolidation period for half a year. 

Breakout From 6-Month Consolidation Pattern

Using a PEPE / Tether US chart shared on social media platform X, Captain Faibik highlighted PEPE’s price action since the beginning of the year. The chart showed that since it reached its all-time high of $0.00001717 on May 27, 2024, PEPE has yet to return to this price point. Periods of rallies have been characterized by the formation of lower highs and higher lows, leading to the formation of a symmetrical triangle pattern.

PEPE’s recent 38% rally has seen the meme coin break out substantially from the upper resistance trendline of the symmetrical triangle. From this point, the only place left to go is up.

Analyst Predicts 351% Surge To New ATH

With the breakout confirmed, Captain Faibik has set a bullish price target for PEPE. In terms of a price target, Captain Faibik noted that PEPE is now clear for a rally to a new all-time high. Specifically, he predicted a rally to a price target of $0.00003214. 

Getting to this price point would necessitate PEPE stepping into new price territories. Furthermore, the price target means PEPE would need to surge by an impressive 351.69% from its breakout point. Given the meme coin’s recent history, such a price surge is very possible, especially as the crypto industry is now transitioning into a predicted bullish fourth quarter.

PEPE market cap currently at $4.7 billion. Chart: TradingView

As always with meme coins, extreme volatility and rapid price changes are expected. This is because investments in meme coins largely depend on the general sentiment among cryptocurrencies like Bitcoin, Ethereum, and sometimes Dogecoin (the king of meme coins). 

At the time of writing, PEPE is trading at $0.00001125, still on a 38% gain throughout last week. Other meme coins are on comparable gains in this time frame. Shiba Inu (SHIB) is up by 32%, Dogwifhat (WIF) rose by 33%, Bonk (BONK) climbed by 30%, and Floki (FLOKI) added 23%.

Dogecoin (DOGE), on the other hand, is up by a smaller 17% in the past seven days. These gains could continue into the coming week as the market remains bullish.

Featured image from Rolling Stone, chart from TradingView



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Altcoin Season

End of Altcoin Season? Glassnode Co-Founders Warn Alts in Danger of Lagging Behind After Last Week’s Correction

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The creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.

Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts witnessed deep pullbacks over the last seven days.

According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.

“Is This the End of Altcoin Season?

Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.

If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”

Image
Source: Negentropic/X

The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.

At time of writing, BTC.D is hovering at 59%.

Looking at Bitcoin itself, the Glassnode executives say long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.

“The Board Keeps Shifting. 

As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.

Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.

New hands are absorbing the sales.”

Image
Source: Negentropic/X

At time of writing, Bitcoin is worth $97,246.

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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.

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Altcoins

Bitwise CIO Matt Hougan Predicts Institutional Interest in Altcoins, Says 2025 the Year of Crypto Diversification

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Bitwise CIO Matt Hougan says a wave of institutional interest in altcoins is coming next year, largely due to potential regulatory clarity and more exchange-traded funds (ETFs).

In a new interview with Bloomberg, Hougan says that institutional money is in the early stages of broadening out to other crypto assets besides just Bitcoin (BTC).

Hougan forecasts that 2025 will be the year that institutional investors will begin to incorporate more diversification in their crypto-investing strategies the same way they do in other asset classes like equities or bonds.

“You’re already seeing it broaden out actually. A lot of people were worried about the Ethereum ETFs for instance, which launched this summer and had tepid inflows.

But over the last month or so, you’ve seen billions of dollars flow into those products.

Again, the things that have happened in crypto in the past keep happening. Historically, most people enter crypto through Bitcoin, and then they discover Ethereum, and then they think about Solana. There’s no reason to assume that the institutions that came into Bitcoin won’t move on to other assets in the future. 

In fact, I think in 2025, you’re going to see an explosion of interest in index space strategies that give diversified exposure to crypto. Of course, [that is] something we’ve been doing at Bitwise since 2017 when we pioneered that concept. I think 2025 is when that becomes a mainstream way to allocate to this space, the same way it is to stocks and bonds and real estate and everything else.”

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Featured Image: Shutterstock/Julien Tromeur/Sensvector

 





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Altcoins

Analyst Says Altcoin That’s Rallied Over 21,000% Year-to-Date at a ‘Do-or-Die’ Level, Updates Outlook on Bitcoin

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A widely followed cryptocurrency analyst and trader is saying that an altcoin in the Solana (SOL) ecosystem is at a critical juncture.

The analyst pseudonymously known as Sherpa tells his 234,700 followers on the social media platform X that the memecoin Popcat (POPCAT) is at a “do-or-die” level.

Based on Sherpa’s POPCAT chart, it appears that the Solana-based memecoin has formed a head and shoulders pattern on the daily time frame and could plunge if the support level fails to hold. A head and shoulders pattern is typically considered a bearish pattern in technical analysis.

Source: Sherpa/X

POPCAT is trading at $0.802 at time of writing, up by 21,147% since the January 5th low of $0.00379.

Next up is Bitcoin (BTC). According to Sherpa, there are several reasons to remain bullish on Bitcoin and other crypto assets, even after a recent correction that saw the flagship digital asset briefly dip below the $100,000 price.

“Bitcoin dominance has yet to come down.

Ethereum has yet to fully send.

January is an incredibly bullish time for crypto.

[US President-elect] Trump is pro-crypto, owns some, and has his own decentralized finance (DeFi) project.

….and you’re selling??”

Bitcoin is trading at $100,624 at time of writing. Bitcoin dominance, the ratio of the market cap of Bitcoin relative to the rest of the crypto market, is currently at 54.7% down by several percentage points from the 2024 high of 58.99% recorded mid-last month.

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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.

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