The price of PEPE is showing signs of a potential rally as it broke out of the wedge pattern. So this also points to an upward momentum for the meme coin. Analysts are sharing their predictions for the next movements of PEPE, the much talked about meme coin of recent times.
Meme coin has 20-30% bullish potential!
The frog-themed cryptocurrency PEPE has emerged as a catalyst for the current meme-coin season. Now it has brought the spotlight back to the growth prospects of these wild and volatile digital assets. cryptocoin.comAs you follow, this viral meme-coin has taken investors on a wild ride this year. PEPE experienced both unpredictable highs and lows.
The meme coin skyrocketed to a staggering $2 billion market cap in just a few days. However, later on, the cryptocurrency has recently faced a downward trajectory. However, there are signs of a change in the fortunes of this popular meme currency, as its price seems to have passed a wedge formation, especially an ascending wedge that often signals a bullish outlook.
Notably, the price of PEPE has shown three lower lows since May 17. Also, the Relative Strength Index (RSI) has recorded higher lows. Also known as a bullish divergence, this inequality has historically signaled a potential upside momentum for the underlying asset. In the case of PEPE, it is possible that this technical formation could potentially trigger a notable 20-30% rise in its price.
For the next move, it is necessary to follow Bitcoin too!
Market sentiment towards meme-coins is partially bullish. However, it is worth noting that the possibility of Bitcoin (BTC) falling to $25,000 remains. If the drop in Bitcoin price starts a selling spree, other cryptocurrencies like PEPE could follow. However, meme-coin lovers and loyalists continue to actively participate in the market. This fuels the general enthusiasm surrounding viral altcoins.
With the PEPE meme-coin breaking out of the wedge formation and showing signs of bullish divergence, investors and meme enthusiasts are eagerly awaiting the outcome in hopes of a resurgence that could mark a turning point in the fate of the popular meme-coin. Currently, the price of Pepe’s native token has gained 20.58% in the last 24 hours. The meme coin is currently changing hands at $0.000001835.
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