Pepe Coin's Price Soars by 8% Daily, Even After a Major Holder Sheds $15 Million Worth of Coins
Meme Coin Pepe (PEPE) Breaks Free from Triangle Pattern, Sparking Bullish Rally Predictions
Pepe coin, an Ethereum-based digital asset, has experienced a breakout from a multi-week symmetrical triangle pattern, suggesting a potential growth spurt for the meme coin. Although one of its major investors, Robinhood, has sold off a substantial amount of its PEPE holdings, analysts are optimistic about the coin's price trajectory.
Currently trading at around $0.000014, Pepe coin is showing a 8% increase over the previous 24 hours. Robinhood, the coin's second-largest holder, has offloaded roughly $15 million worth of PEPE within the past day. Still, the exchange maintains control of 3.67% of the total PEPE supply, equating to approximately $209.9 million in value.
Despite the sizable sell-off by Robinhood, Pepe coin has managed to maintain its price levels. In contrast to traditional scenarios where significant liquidations prompt buybacks, there has been no noticeable influx of buyers, highlighting a unique market dynamic.
Technical analysis points towards a favorable outlook for Pepe coin. In the 4-hour chart, the coin demonstrates a symmetrical triangle pattern, with converging support and resistance levels. This pattern generally suggests a potential 12.24% increase, which could propel the coin up to $0.00001541 in the near term.
In the long term, Pepe coin appears to be forming a cup-and-handle pattern, which is often seen as a bullish sign. However, the price must surpass the resistance level at $0.00001483 to validate this pattern. If achieved, analysts anticipate a rally of up to 91%, raising the coin's value to approximately $0.00002836.
Key oscillator indicators corroborate the overall bullish sentiment. Trading View data indicates that the Momentum (10) and MACD Level (12, 26) are both showing buy signals on the daily chart.
Two critical resistance levels to keep an eye on are $0.00001477 and $0.0000178. Should Pepe coin flip these levels into support, it could form daily candles of up to 20%, possibly leading to a new all-time high.
While some analysts forecast a more modest price increase, such as Solberg Invest's prediction of $0.000025 by the second quarter of this year, overall, the consensus remains bullish. The derivatives market's OI-weighted funding rate of 0.0127% reflects the bullish sentiment among traders.
In light of the growing interest in meme coins and increased price volatility, experts suggest that Pepe coin stands as a potential bet on the price movements of Bitcoin and Ethereum, particularly appealing to investors seeking higher exposure within the meme coin market.
As Bitcoin recently breached the $107,000 mark and Ethereum exceeded $2,550, the outlook for ETH-based tokens like Pepe coin appears promising. With Bitcoin anticipated to reach $140,000 to $160,000 by year's end and Ethereum projected to rally to $4,000, the stage may be set for further growth among ETH-based tokens like Pepe coin.
Furthermore, Pepe coin's 4-hour RSI is successfully defending the 50 support level and trending upward, suggesting a strong possibility for continued bullish momentum.
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As for the overall outlook and price targets, market sentiment and technical analysis both indicate a strong potential for Pepe coin's price to continue increasing. Short-term forecasts anticipate the price to range between $0.00000990 and $0.00001550, with an average expectation near $0.00001300. In the medium term, predictions suggest Pepe coin could reach $0.00002557 by August 2025, with a predicted range of $0.00002088 to $0.00002889. Longer-term potential remains speculative, but could see Pepe coin break through the $0.001 barrier, given favorable market conditions.
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Investors looking for exposure within the meme coin market may find Pepe coin appealing, as its price movements could be tied to the performance of Bitcoin and Ethereum. The technical analysis points towards a potential growth spurt for Pepe coin, with a bullish rally anticipated if it surpasses the resistance level at $0.00001483, which could raise the coin's value to approximately $0.00002836. Moreover, the derivatives market's OI-weighted funding rate of 0.0127% reflects the bullish sentiment among traders, reinforcing the overall bullish outlook for Pepe coin in the finance and technology sector.
