During Wednesday’s U.S. market session, the crypto market witnessed a surge in selling pressure as Bitcoin price fell below $67,000. The renewed selling pressure led to a 1.9% decline in Pepe coin price prediction, teasing a bearish breakdown below $0.00001. However, renowned crypto highlights an imminent breakout for Pepe, forecasting a rally toward a $25 billion market cap in the near future.
Pepe Coin Price Prediction: Analysts Target $25 Billion Market Cap
In a recent tweet, WhaleInsider highlights a bullish pennant pattern in PEPE’s market cap chart. In technical analysis, this chart setup is often spotted in an established uptrend, projecting the potential for a prolonged bullish trend.
After a significant uptrend, the chart pattern drives a temporary consolidation within two converging trendlines for buyers to recuperate the bullish momentum. WhaleInsider chart accentuates the PEPE market cap formed a similar pattern in the first half of 2024 before it triggered a rally to $7.5 Billion.
Thus, an imminent breakout from the chart setup could drive the PEPE coin market cap to $25 Billion market cap.
PEPE Market Cap
The Pepe coin price prediction currently trades at $0.000097 with a market cap of $4.07 Billion. If the circulating supply remains the same, a surge in Pepe’s market cap to $25 billion would boost its price to approximately $0.000596.
For a detailed analysis, check out the Top Meme Coins article.
PEPE Investors Shift to Long-Term Holding as Exchange Supply Falls
According to Santiment data, the PEPE supply on exchange has steadily declined from 227 Trillion to 192.4 Trillion since March 2024. This decline implies that a significant amount of PEPE has been withdrawn from exchanges, indicating reduced selling pressure and increased long-term holding sentiment among investors.
In addition, the supply held by the top address has remained steady at 45%. The stability in their holdings suggests that these key players are not offloading their tokens, reinforcing confidence in PEPE’s long-term potential.
Pepe Supply on Exchange | Santiment
Crypto Trader Hints Major Breakout from Triangle Pattern
Renowned crypto trader Bitcoin Meraklıs highlights the Pepe coin price prediction is positioned at a pivotal moment within the triangle pattern. The chart pattern is similar to the aforementioned pennant, providing a directional rally after temporary consolidation.
According to traders, the Pepe coin price prediction seeks support at the triangle’s bottom trendline, with its next move potentially influenced by Bitcoin’s upcoming price action.
If the broader market restored bullish sentiment, the Pepe buyers could breach the overhead trendline to chase a potential target of $0.000013, followed by $0.0000166 and $0.000024.
PEPE/USDT – 1d Chart
On the contrary note, the PEPE price bearish breakdown from the pattern’s lower trendline will accelerate the selling pressure and bolster a prolonged consolidation.
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