Pepe Coin Price Could Flip Shiba Inu As Expert Predicts ‘Perfect Storm’
Cryptocurrencies crawled back on Tuesday as Bitcoin climbed from $88,000 to almost $97,000 ahead of the US inflation report. Pepe coin price also rose, as one crypto analyst predicted more gains that could see it flip Shiba Inu to become the second-biggest meme coin.
Pepe Coin Price Could Surge And Flip Shiba Inu
The Pepe price dropped to a low of $0.000015 on Monday as Bitcoin and most altcoins dived amid the soaring US and global bond yields.
However, one crypto analyst argues that the coin faces a perfect storm that could push it to a record high and flip Shiba Inu. He pointed to the symmetrical triangle pattern the coin has formed on the weekly chart.
Pepe Coin Forecast
The analyst also expects the upcoming Ethereum price rebound as a key catalyst for Pepe. Some analysts have predicted that it is just a matter of time before the ETH price jumps and hits the crucial resistance at $5,000. He expects Pepe’s market cap to get to $50 billion in this bull run.
Pepe’s outperformance has helped to narrow its market cap with Shiba Inu. It now has a market cap of over $7.2 billion compared to SHIB’s $12.6 billion. If SHIB stayed stagnant, it means that Pepe needs to rise by 75% to cross its valuation.
Pepe Price Technical Analysis: Could It Hit ATH?
Pepe’s daily chart is sending mixed signals on the next price action. On the positive side, the coin has retested the important support level at $0.00001716, the upper side of the cup and handle pattern that formed between March and November 2024. A break out and then a retest is usually a good continuation sign.
The other positive sign is that the value of Pepe may have formed a triple-bottom pattern whose neckline is at $0.00002826. The coin has failed to drop below that level three times and instead formed two false breakouts,
Further, Pepe remains above the 100-day moving average. Therefore, if these positives work, the coin may rebound and retest the 2024 high of $0.00002826, up by 65% above the current level.
Pepe Coin Price
On the other side, Pepe coin price has formed what looks like a head and shoulders pattern with a neckline is at $0.00001713. A H&S pattern is one of the few bearish chart patterns. If this happens, the next point to watch will be at the psychological point at $0.000010, down by 42% below the current level.
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Filed under: News - @ January 15, 2025 4:23 am