Pepe coin price may be about to form a strong bullish breakout that could push it to the highest level this year
Pepe coin price may be on the verge of a strong bullish breakout as it nears a crucial resistance level. The third-biggest meme coin was trading at $0.000010 on November 8 after rising by 40% from its lowest level this week. These gains could continue as several crypto analysts predict more gains.
Analysts Expect Pepe Coin Price Rally to Go On
Crypto analysts expect the Pepe price to keep soaring during the ongoing bull run among most meme coins. In an X post, CryptoLens, who has over 32,000 followers used the weekly chart to predict that the coin would jump to $0.000124, up by 1140% from the current level. He identified the symmetrical triangle pattern that has been forming.
In another X post, Man of Bitcoin, another crypto analyst pointed more gains, citing to the Elliot Wave pattern that has been forming. He sees it moving to the third wave of this pattern, which is usually the longest.
Pepe Has Strong Technicals On The Weekly Chart
Starting on the weekly chart, we see that Pepe price has strong technicals that could push it higher in the coming weeks.
It has formed a bullish engulfing pattern, which is characterized by a big bullish candlestick that fully covers a previous bearish candle. This engulfing is part of the handle section of the cup and handle pattern that has been forming. Also, the coin has moved to the 38.2% Fibonacci Retracement level and the 25-week moving average.
Therefore, more gains will be confirmed if it crosses the descending trendline that connects the highest weekly swings since June. If that happens, it could surge to the key resistance at $0.0001393.
On the flip side, a close below last week’s high of $0.000010 will invalidate the bullish engulfing pattern and point to a drop to $0.00008.
Pepe Coin Analysis On Daily Chart
The daily chart points to more gains, if only Pepe price crosses the key resistance level at $0.00001150, where it has formed a double-top pattern. That price is also a few points higher than the descending trendline, which seems like the neckline of the slanted inverse head and shoulders pattern. Pepe has jumped by 25% above the 200-day Exponential Moving Average, a sign that bulls are in control.
Therefore, a clean break above the double-top point at $0.00001150 will point to more gains, with the potential of it rising to the year-to-date high of $0.00001726, which is 60% above the current level.
A drop below $0.0000077, the neckline of the double-bottom pattern will invalidate the bullish view. If this happens, it will drop to $0.0000058, its August low.
The main catalyst for Pepe will be the performance of the cryptocurrency industry and the ongoing whale accumulation. Its surge will be confirmed if Bitcoin price keeps rising to an all-time high.