Pepe Coin is attracting the attention of analysts and crypto enthusiasts with the meme coinโs recent performance. Over the last week, PEPE surged 8%, amid developments in the market and growth in investor confidence.
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According to crypto price prediction platform CoinCodex, PEPE is going to surge upward by 226%, which takes PEPE price to $0.00002804 by September 26, 2024. These are very bullish forecast helped along by analyses that indicate PEPE could be signaling a โhumongousโ breakout, according to crypto analyst The Crypto Titan.
$PEPE ๐ (daily) #pepe made a nice comeback ๐ after getting bottomed out from the Symmetrical triangle in the daily timeframe๐ข.
We can get a Humongous ๐ Breakout, if we get a breakout from this symmetrical triangleโ๏ธ.
Currently the price moving towards the breakout๐,โฆ pic.twitter.com/lqwcln0lUY
โ The Crypto Titanโs (@cryptotitans11) August 26, 2024
PEPE: The Symmetrical Triangle
The pattern is noted in the manner in which PEPE had rebounded recently from the lower boundary, which validates the healthy buyer support at this level. The price is now nearing the apex of the triangle, which indicates that there is an impending breakout.
Generally, the breakout from a triangleโs upper trend line leads to large price increases. According to analysts, the price might likely record a significant gain that will send it to new all-time highs if PEPE manages to break beyond this level.
Again, the bullish sentiment is is being confirmed by a couple of technical indicators. For instance, the price of PEPE is close to the upper Bollinger Band, suggesting that the upside remains strong. They have a potential short-term resistance level at $0.00000955; if it were to break, the next target zone would be around $0.00001300.
The current volatility stands at 15%, with the coin having experienced 11 out of 30 days โgreenโ in the last month. Thatโs obviously in favor of rising prices. Although with such high volatility, currently the indicators hint that a breakout above $0.00000955 with very high volume accumulation and similar bullish patterns features a good long-term buying opportunity.
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Future Forecast And Market Sentiments
Looking forward, the outlook for the meme coin is extremely bullish. Based on data by CoinCodex, the surge is in line with current technicals and recent performance metrics.
At the present, mood is neutral; the Fear & Greed Index matches this and stands at a reasonable 48, which is an excellent time to acquire PEPE given such a balanced attitude along with a good projected price increase.
A crossover of technical analysis with the recent performance is suggesting potential gains for major levels. This is something that investors in meme coins will need to keep a close watch on, as the technical patterns all seem to show that it is a great choice right now. Its forecast firmly points strongly to major future gains, and a breakout could be just around the corner for PEPE.
Featured image from The Portugal News, chart from TradingView
