The Q4 sentiment in the crypto market is steadily recovering as Bitcoin price inches close to the new all time high. Amid the bullish momentum, the meme cryptocurrency sector shows potential to drive a high momentum rally due to their volatile analyst. The crypto analyst highlights that Pepe coin price could lead the charge as it replicates chart formation from DOGE’s 2021 rally.

Analyst Predicts Pepe Coin Price to Mirror DOGE’s 2021 Rally

In a recent tweet, crypto analyst Waleed.Eth shared interesting similarities between the Pepe Coin and Dogecoin price before its 2021 rally. His daily chart analysis shows that the DOGE price witnessed a multi-year sideways trend before offering a major breakout that led to a 29,100% surge to $0.73.

Over the past 5-months, the Pepe coin price showcased a resembling consolidation, which tumbled its value 49.7% from the all-time high of $0.000017. However, the crypto market signals the potential for a new bull run following the Bitcoin surge to a new high and U.S. presidential election in 2024.

If the theory holds true, a 2020-style DOGE rally could propel the PEPE price to a high of $0.0025.

Pepe vs Doge | Waleed_Eth

Investor Confidence Grows as Pepe OI Skyrockets 182%

According to Coinglass data, the Pepe coin has experienced a notable rebound in its future open interest. From an early August OI value of $60.5 million, it surged to $170.8 million, representing a growth of approximately 182.3%. 

This significant increase implies growing investor confidence and heightened market activity surrounding the coin, potentially signaling bullish sentiment and increased speculative interest in Pepe’s future performance.

PEPE Futures Open Interest | Coinglass

PEPE Price Analysis Hints Impending Breakout

By press time, the Pepe price had traded at $0.0000086, with an intraday loss of 2.47. According to CoinGecko Data, PEPE’s market cap is at $3.64 billion, while the 24-hour trading volume moves at $781.2 Million. With sustained selling, the PEPE price could plunge 3.67% to hit the support trendline of a symmetrical triangle pattern. 

This chart pattern drives the current consolidation trend mentioned above within two converging trendlines. A potential breakout from the overhead trendline could signal the continuation of a bullish uptrend.

PEPE/USDT -1d Chart

However, if the overhead trendline remains intact, the Pepe coin price could delay the key breakout.

The post Analyst Foresees Pepe Coin Price Replicating DOGE’s 2021 Rally appeared first on CoinGape.

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Filed under: News - @ November 2, 2024 8:09 pm