- Crypto analyst Ali Martinez highlights a bullish inverse head-and-shoulders pattern on PEPE Coin, eyeing a 40% breakout ahead.
- Coinglass data reveals increased futures open interest (+8%) and a surge in derivatives trading volume (+16%).
With more than 16% gains on the weekly chart, the PEPE coin has grabbed investors’ attention, with traders predicting the meme coin rally to continue from here onwards. Some of the top crypto market analysts have been predicting the PEPE Coin price gains anywhere between 50-60%, and even as high as 40x.
A Bullish Breakout for Pepe Coin Price Ahead
In his recent analysis on the X platform, crypto analyst Ali Martinez has highlighted a potential bullish breakout for Pepe Coin. The analyst noted that the meme coin has been forming an inverse head-and-shoulders pattern on its hourly chart since early March, signaling a possible trend reversal.
The key neckline resistance for this pattern lies at $0.0000075. Martinez noted that recent price action over the past 24 hours has completed the right shoulder of the formation. A sustained breakout above the neckline could pave the way for a significant 40% PEPE Coin price rally.
On the other hand, crypto analyst CryptoELITES has identified and confirmed a bottom for PEPE Coin at $0.0000069834. The analyst’s prediction came just as the meme coin began its rebound, with the current price already trading significantly higher, as mentioned in our last new piece.
As of reporting, PEPE is trading at $0.000006881, down by 2.50% on the daily chart. However, the current action still keeps analysts bullish. CryptoELITES remains optimistic, suggesting this price action is just the beginning. The analyst forecasts a massive rally ahead, with a potential 40x target on the horizon.
Why Are Market Analysts Bullish on Meme Coin?
There’s been a growing chorus among other market analysts as well regarding the PEPE price rally. Analyst ‘World of Charts’ has highlighted crucial trading zones for this meme coin. The analyst pointed to an inverse head-and-shoulders pattern forming on the chart, fueling optimism for a 50-60% bullish rally if the coin successfully breaks resistance near $0.000007.
This bullish outlook has further boosted market sentiment, with prominent analysts sharing similar forecasts for PEPE’s upward trajectory. Coinglass data indicates a surge in market interest for Pepe Coin following bullish predictions. The crypto’s futures open interest (OI) recently climbed by over 8% to reach $237.90 million. Additionally, derivatives trading volume saw a significant increase, rising nearly 16% to $627.05 million.
Apart from PEPE Coin, other meme coins have also been on investors’ radar recently. On-chain analyst Ali Martinez revealed in an X post that Dogecoin’s active addresses have surged by an impressive 400%, reaching nearly 395,000. This spike, fueled by strong investor sentiment, has ignited discussions about the possibility of DOGE reaching the $6 mark, as highlighted in our last story.
Credit: Source link
