PEPE Explosion Imminent: Analyst Predicts Price Will Rocket To $0.00004128 ATH
2024年7月18日 - 3:30AM
NEWSBTC
The PEPE price has remained strong coming out of the crypto market
crash, rebounding more than 40% in a single day. This bullishness
has fed the narrative for the meme coin, which is touted to be the
next big thing on Ethereum. However, the question remains whether
the PEPE price will continue to rise from here if it has reached
its peak for this cycle. PEPE Price Still Bullish From Here Despite
being down around 30% from its May 27 all-time high of $0.00001718,
the PEPE price is still showing bullish tendencies. This could
point to a continuation, something that pseudonymous crypto analyst
“melikatrader94” points out in an analysis on TradingView. Related
Reading: Bullish Return: Institutional Investors Pour $1.44 Billion
Into Crypto In One Week According to the crypto analyst, the PEPE
price has bounced off an internal trend line that has been acting
as support for the meme coin. As a result, there has been the
formation of a double bottom following the most recent price
bounce, and this is bullish for price. Since the PEPE price was
quick to react to the internal trend line, the crypto analyst
believes that this shows strong buying interest in the meme coin.
Furthermore, the chart is showing the formation of an ascending
trend line, and given the history of ascending trend lines, then
price could continue to rise, as long as it doesn’t break out of
this channel. With the double bottom mentioned above, the PEPE
price is already seeing the result of this bullish reversal. If
this continues, the price is expected to rise over 150% from here
again, reaching a new all-time high of $0.00004128, according to
the crypto analyst. Scenarios For Invalidation While the PEPE price
is still very bullish, there are still scenarios that could send
the price spiraling downward. Short of a market-wide Bitcoin and
crypto crash, the PEPE price still has multiple resistance levels
to conquer from here. One of those is the $0.000025 level.
Furthermore, as the analyst points out, the price has to remain
above the internal trend line, which currently sits just above
$0.000008. As long as it holds this point, then bulls remain in
charge and can try to drive the price up. Related Reading: Crypto
Analyst Predicts Multiple God Candles For XRP, How High Can It Go?
Another major point to watch is the mid-channel resistance. In this
case, the resistance lies just above $0.000025, which is above the
current all-time high. This means there is still room for growth
before hitting any major resistance. Last but not least is the
volume for the meme coin. If the PEPE trading volume continues to
rise, then the buying pressure can push the price toward new ATHs.
However, a decline in the trading volume could be detrimental for
the price and lead to a reversal. “Increasing trading volume would
further confirm the bullish trend and provide additional confidence
in reaching the target price,” the analyst said in closing.
Featured image created with Dall.E, chart from Tradingview.com
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