Pepe Coin price remains in a bear market after falling by 23.3% from its year-to-date high. Crypto experts expect that the popular meme coin will bounce back and blast past its all-time high in the near term.
Crypto Analysts See Pepe Coin Price Hitting New ATH
Most cryptocurrency analysts agree that it is just a matter of time before Pepe price jumps by 31% and hits its all-time high as the crypto bull run continues.
Bluntz, a popular crypto trader used Elliot Wave analysis on the four-hour chart to predict that the coin will soon make a bullish breakout. He believes that it has moved to the ABC pattern and a symmetrical triangle, which is nearing its confluence level. In most periods, this pattern leads to a strong bullish breakout.
This view was shared by other analysts like Dami-DeFi, who has over 76,000 followers, and Trader ELM.
Fundamentally, traders note that Pepe is one of the most popular meme coins in the industry and that it has a real chance to flip Shiba Inu. Data shows that Pepe regularly has higher volume metrics than Shiba Inu, a sign of demand among traders. It had a 24-hour volume of $5.4 billion compared to SHIB’s $1.9 billion.
Also, there are signs that whales are accumulating the coin. Data from Etherscan shows that a whale bought Pepe coins worth over $65 million on Wednesday.
Pepe Price Has Strong Technicals
The daily chart shows that the Pepe coin price blasted past the crucial resistance level at $0.00001721 on November 13. This was an important level since it was its highest level on March 27 and its previous all-time high.
Most notably, this was the upper side of the cup and handle pattern, a popular sign of a continuation.
The coin has now pulled back after hitting its all-time high of $0.00002595 as the recovery takes a breather and some investors take profits. It has remained above the 50-day and 200-day moving averages, which formed a golden cross pattern in September.
Pepe coin price seems to be forming a doji candlestick pattern, which is characterized by a tiny body and long upper and lower shadows. In most cases, this is one of the most accurate reversal candlestick patterns.
Therefore, there is a likelihood that the Pepe price will bounce back and possibly retest the all-time high of $0.000025. A break above that level will point to more gains to $0.000030.
On the flip side, a crash below the support at $0.000017 will invalidate the bullish view. It will raise the possibility of mean reversion as sellers target the 50-day moving average at $0.000012.
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