During the Monday Asian market session, the cryptocurrency market showcased a neutral stance after a notable correction last week. As the pioneer cryptocurrency, Bitcoin, holds its position above $68,000, the altcoin market shows potential for bottom formation. Amid the U.S. presidential election, crypto analysts highlight a repetitive pattern in Pepe coin price prediction, signaling the potential for a 1,400% surge.
Analysts Predict 1,400% Rally for Pepe Coin Price Prediction as Historical Patterns Emerge
In a recent tweet, crypto analyst Waleed. Eth shared an interesting wave formation in Pepe coin price prediction, which sparked the bull run from February to May 2024. The initial allocation marked in mid-2023 sets the stage for a defined Wave 1, characterized by progressive upward movement and resistance points labeled as Top 1 and Top 2.
Furthermore, the PEPE price witnessed a post-rally correction to recuperate the exhausted bullish momentum for the actual rally. The downturn offers a fake breakdown below the 200 Exponential moving average as a shake-out to remove weak hands from the market and attract long-term investors.
Over the past eight months, the PEPE coin price prediction showed a similar structure of 2 tops and a fake breakdown below the 200 EMA. If history repeats, the analysts predict a third-wave rally for Pepe coin to target $0.000118, registering a $1400. Consecutively, the asset’s market cap could hit $50 Billion.
Short-Term Investor Risks Grow as MVRV Drops Below Zero
According to Santiment data, the 30-day Market Value to Realized Value (MVRV) ratio recently dropped to -16%. The MVRV indicator is crucial for assessing overbought or oversold conditions, signaling potential market reversals and opportunities for strategic accumulation.
This negative value suggests that short-term buyers face losses, heightening their risk of capitulation if the market correction continues. Historically, such exits of speculative traders have often attracted long-term buyers, aligning with the wave analysis thesis mentioned earlier.
PEPE Price Analysis Signals Major Reversal With Triangle Pattern
With crypto market today, the Pepe coin price prediction had traded at $0.00000082, with an intraday gain of 1.34%. According to CoinGecko Data, this frog-themed meme coin holds a market cap of $3.48 Billion and a 24-hour trading volume of $1.23 B.
The coin price is currently seeking support at an emerging trendline of a triangle pattern intact since April 2024. If the bottom support holds, the Pepe coin price could rise 32% to hit the overhead trendline. A potential breakout could ignite the aforementioned wave 3.
However, the coin price could prolong its consolidation until the two converging trendlines are intact.
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