November saw meme coins enjoy a surge in value, buoyed by a broader “risk-on” sentiment sweeping the cryptocurrency market. Among the notable performers was Pepe Coin, which more than doubled in price, positioning itself as the third-largest meme coin. As December looms, many are wondering: How high can Pepe Coin go?
Pepe Coin Price Shows Positive Technical Indicators
Looking at the technical analysis of Pepe Coin, there’s a strong case for a potential rally in the coming weeks. After experiencing a pullback over two consecutive weeks, the token has shown promising bullish signals. Between May and November, Pepe formed a classic “cup and handle” (C&H) pattern, which often indicates future price strength.
In a cup and handle pattern, an asset forms a rounded bottom. For Pepe Coin, the top of the cup reached $0.00001717, and it successfully broke out above this level on November 13. Typically, when such a breakout occurs, traders estimate the next price target by measuring the depth of the cup. With the depth of the cup being roughly 65%, the next key resistance target for Pepe is $0.000028.
Moreover, Pepe Coin has formed two other bullish chart patterns. The first is a falling wedge, characterized by two converging trendlines that suggest a strong bullish breakout as they come together. The second pattern is a break and retest, where Pepe broke above a key resistance level of $0.00001717 and then retested it on November 26, forming a bullish “morning star” candlestick.
Given these technical patterns, coupled with the coin’s consistent performance above the 50-day moving average, it’s likely that Pepe Coin will rebound in December, possibly reaching its $0.000028 target. However, this bullish outlook would be invalidated if the price drops below $0.000016, which would signal a deeper correction.
Is Pepe Coin in an Accumulation Phase?
Crypto analysts are largely bullish on Pepe, and some believe the coin is in the midst of a re-accumulation phase. Wyckoff Insider, a respected figure in crypto analysis, shared that Pepe is likely in the “accumulation” stage, which precedes a potential markup phase—often the most bullish part of a market cycle.
The Wyckoff Method, a time-tested market analysis technique, identifies four phases of market action: accumulation, markup, distribution, and markdown. In the accumulation phase, an asset’s price remains relatively stable as investors position themselves for the next rally. If Pepe is truly in this phase, it could be gearing up for the next big move upward.
$PEPE
— Wyckoff Insider (@Wyckoff_Insider) November 27, 2024
Wyckoff.
Locally, $PEPE is in a re accumulation. Whales love this coin. Study volume.
Do we sell Pepe now? No, it is the main meme this cycle.
Patience my friends. The final phase of the run is just getting started. pic.twitter.com/IiiH75cL1a
Adding to the bullish case is Pepe’s remarkable trading volume. On November 28, the coin’s 24-hour trading volume hit a staggering $4 billion, making it the second-most traded meme coin, just behind Dogecoin. Additionally, there are signs that large holders (whales) are accumulating Pepe, further fueling expectations for a price surge.
A December Surge for Pepe Coin?
With strong technical indicators, a favorable accumulation phase, and increasing whale activity, Pepe Coin has significant potential for a bullish December. If the coin maintains its upward momentum, it could easily hit the $0.000028 target. However, as always, crypto markets are volatile, and any dip below $0.000016 could invalidate this optimistic outlook. Investors will need to stay tuned as December unfolds, watching for potential breakouts and further signs of bullish momentum.
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.
Also Read: Pepe Coin (PEPE) Price Prediction: Analyst Eyes $1 Amid Bullish Patterns, But Is It Possible?
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