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In the ever-evolving landscape of cryptocurrency, one altcoin is capturing the attention of traders and analysts alike. Pepe (PEPE), the Ethereum-based memecoin, is reportedly on the brink of a significant rally, according to insights shared by the pseudonymous analyst known as Bluntz. With a solid following of 276,000 on social media platform X, Bluntz has earned a reputation for astute market analysis and is now spotlighting PEPE’s promising technical setup.
Ascending Triangle Pattern Signals Potential Growth
Bluntz has identified that PEPE is forming an ascending triangle pattern on the eight-hour time frame, a formation often indicative of an impending price surge. This technical analysis suggests that PEPE has successfully turned previous resistance levels into support, paving the way for potential upward momentum. “Looks like Pepe has been lagging a bit, but with other memecoins perking up over the last 48 hours, I think it probably won’t for too much longer,” Bluntz noted, hinting at the bullish sentiment surrounding the altcoin.
Currently trading at $0.00000908, PEPE has shown remarkable resilience, boasting a staggering 937% increase from its February low of $0.000000875. Such explosive growth has caught the eye of investors, as many are eager to see if this rally will continue. Bluntz’s analysis suggests that PEPE could ascend by approximately 15% from its current position, offering a tantalizing prospect for traders.
A Paralleling Journey with NEAR Protocol
In his evaluation, Bluntz draws parallels between PEPE’s current price action and that of the layer-one blockchain NEAR Protocol (NEAR) before its recent breakout. He points out that NEAR had shown similar bullish setups prior to its price surge, emphasizing the potential for PEPE to follow suit. “Been seeing these setups on Pepe break up all week. The latest one was near a few days ago. Quite literally exactly the same,” he stated, reinforcing the likelihood of a bullish trajectory.
Turning his attention to NEAR Protocol, Bluntz indicates that the blockchain is set to resume its upward trend after a brief correction. “On lower time frames, NEAR has held up extremely well during this recent dip and now breaking out of a diagonal,” he explained. This insight not only highlights NEAR’s potential for further gains but also serves as a broader indicator of a potential resurgence in the altcoin market.
Also Read: Pepe (PEPE) Surges 42% – Can This Memecoin Sustain Momentum Into October?
As the crypto market continues to exhibit volatility, the insights from analysts like Bluntz provide crucial guidance for investors. With PEPE poised for a potential breakout and the broader market beginning to shift, traders may want to keep a close eye on this memecoin. If Bluntz’s predictions hold true, PEPE could soon become a significant player in the altcoin arena, echoing the successes seen by NEAR Protocol and potentially transforming the fortunes of its investors.
In the dynamic world of cryptocurrencies, being informed and ready to act could make all the difference. Will PEPE rise to the occasion? Only time will tell, but the signs are certainly leaning towards a promising horizon for this altcoin.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
