Pepe Coin Price Prediction According to Crypto Lens
2024-11-09
Bittime - The latest Pepe Coin price prediction from Crypto Lens. How do technical patterns and daily chart analysis affect the price movement of this meme coin? Find out more in this article!
Pepe Coin's price has experienced an attention-grabbing spike, especially since the price of the third-largest meme coin is at a crucial resistance level. On November 8, Pepe Coin was trading at $0.000010, a 40% increase from its lowest level of the week.
Crypto analysts predict that this price rally will continue with significant upside potential.
Crypto Lens Analysis of Pepe Coin
Crypto Lens, a crypto analyst with over 32,000 followers, used weekly charts to analyze Pepe Coin's price potential. According to him, there is a possibility of the coin's price soaring all the way to $0.000124, which would mean an increase of up to 1,140% from current levels.
This analyst identified a symmetrical triangle pattern that has formed, which usually indicates significant upside potential in case of a bullish breakout.
On the other hand, another analyst by the name of “Man of Bitcoin” used the Elliot Wave pattern to predict Pepe Coin's price movement. In this pattern, he sees Pepe Coin moving towards the third wave, which is known as the longest wave in the Elliot Wave pattern. This means there is potential for higher prices, adding to the optimism among traders.
Pepe Coin Technical Analysis on the Weekly Chart
Based on the weekly chart, the Pepe Coin price is showing some strong technical signals. One of the eye-catching patterns is the bullish engulfing pattern-a pattern that occurs when a large bullish candlestick covers the previous bearish candlestick. This pattern forms part of the handle in the developing cup and handle pattern.
Currently, Pepe Coin's price is also around the 38.2% Fibonacci Retracement level and the 25-week moving average. If the price manages to break the downtrend line connecting the swing highs since June, then the potential for the price to reach the key resistance level at $0.0001393 will be greater.
Conversely, if there is a drop below last week's high of $0.000010, then the bullish engulfing pattern will be invalidated, and Pepe Coin could potentially drop to $0.00008.\
Also read: Tomarket, Major, and MemeFi Price Predictions When Listing This November
Pepe Coin Prediction Based on Daily Chart
On the daily chart, Pepe Coin also shows potential upside. If the price is able to break the resistance level at $0.00001150, which is currently forming a double-top pattern, then there is a great opportunity for further gains.
This double-top serves as a signal to investors that the price could reach an annual high of $0.00001726-about 60% above the current level.
However, if there is a drop below $0.0000077, which is the neckline of the double-bottom pattern, then the bullish view will be invalidated. In this case, Pepe Coin's price could plunge to $0.0000058, the lowest level recorded in August.
Key Drivers: Crypto Market and Whale Accumulation
The main catalysts in Pepe Coin's price movement are the overall performance of the crypto industry and the ongoing accumulation of whales.
If the price of Bitcoin is able to reach an all-time high, this could provide great support for Pepe Coin to continue rising. Investors pay close attention to Bitcoin's movements as a leading indicator in the crypto market, and the continuation of this trend could strengthen the upside prospects for Pepe Coin.
Overall, with strong technical support and optimistic market sentiment, Pepe Coin has the potential to continue its upward rally in the near future. However, it is important for investors to keep a close eye on daily and weekly charts and market news to stay updated on Pepe Coin's price movements.
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