- Pseudonymous Analyst Foresees Breakout Potential for Pepe Coin as Market Cap Grows and Decoupling from BTC Observed.
- Over the last 24 hours, the Pepe price has surged by 1.75%, showcasing an impressive 22% gain in the weekly period.
A pseudonymous analyst has identified a growth potential in Pepe Coin’s market capitalization. Kaleo pointed out that PEPE’s current market cap is $525 million, and when compared to previous cycles, where Dogecoin reached $80 billion, and Shiba Inu reached $40 billion at their peaks, Kaleo believes that PEPE could experience a breakout.
Seems like the likelier path at this point to see a bit of a dip before running up https://t.co/iPSWYJk554
— K A L E O (@CryptoKaleo) August 11, 2023
Upon analyzing the chart, the analyst has spotted the beginning of a high-timeframe (HTF) breakout. Based on this observation, Kaleo predicts that PEPE has the potential to surpass a market cap of $1 billion and possibly go even higher. In a tweet, Kaleo stated, “There’s currently an HTF Breakout on the chart. I see this running back to $1B+ mcap easily.”
Kaleo recently mentioned that PEPE is potentially preparing for a parabolic surge, aiming to reach a price level reminiscent of May this year. Nevertheless, the analyst anticipates a brief downward movement before the expected significant price increase. This downward move is seen as a way to retest a high timeframe diagonal resistance level, now acting as support.
Kaleo further commented, stating,
“It seems more likely at this juncture to witness a slight dip before the upward momentum.”
Mixed Sentiments on PEPE’s Reaction to Cooling Phase
However, concerns loom over how PEPE might react to an ensuing cooling phase following significant gains. While some anticipate a bull rally by mid-September, skeptics remain wary of the prediction of a 30x increase.
Concurrently, Santiments, a data analytics platform, notes that meme-coins like PEPE & Doge are experiencing recent market cap growth. While Bitcoin’s price stays stagnant at $29.6K, $PEPE is rising in market cap by 17% in the last seven days, along with other altcoins, including Doge. However, as the distribution market cycle persists, crypto assets beyond the top 20 generally decline.
As #Bitcoin‘s price performance remains flat at $29.6K, #memecoins like $PEPE (+17%, 7d) and a few other outliers are have enjoyed market cap rises. But as this distribution market cycle continues, there is a theme of #crypto assets outside the top 20 that are declining. pic.twitter.com/th0AAypo5t
— Santiment (@santimentfeed) August 13, 2023
He’s indicating that PEPE’s price may temporarily drop before a potential surge, possibly including a retest of high-timeframe diagonal resistance as a support level. His chart suggests a decline to about $0.0000011 before a subsequent increase to approximately $0.0000019.
In contrast to the prevailing sluggishness across the crypto market, Pepe Coin is demonstrating a robust bullish posture. Over the last 24 hours, the Pepe price has surged by 1.75%, showcasing an impressive 22% gain in the weekly period.
Pepe surpasses other prominent crypto assets, while Bitcoin remains around the $29,300 price level. Notably, even well-known meme coins like Dogecoin and Shiba Inu have succumbed to the widespread selling pressure, experiencing a substantial correction. Despite this, experts are confident in Pepe’s ability to sustain its bullish momentum in the days ahead.
Pepe Coin has returned to its bullish behavior, injecting essential volatility into a crypto market that has been somewhat sluggish. The token has managed to recover a portion of its losses from the previous month, and it’s currently trading around the $0.0000014 price range following an impressive 22% surge this week.
Pepe coin continues to garner robust support from high-value investors; a notable whale purchased $1.61 million worth of $PEPE in the past week. Data from the Into The Block platform reveals that almost 40% of the meme coin’s token supply is currently in the possession of these major holders.
It looks like this whale bought another 486B $PEPE ($604K) from Wintermute Trading 8 hrs ago.
The whale has bought a total of 1.29T $PEPE ($1.61M) in the past 3 days.https://t.co/CrAZV85SvB pic.twitter.com/0EBiVBb16D
— Lookonchain (@lookonchain) August 11, 2023
Given the frustration of investors due to the lack of significant upside in the broader crypto market, where Bitcoin’s volatility is reaching historic lows, recent reports from on-chain data firm Santiment indicate that Pepe has shown signs of decoupling from BTC in the past week. This trend could make Pepe more appealing to dissatisfied investors.
Pepe enthusiasts also advocate for Coinbase to add the meme coin to its platform. Following the rather underwhelming launch of Coinbase’s new Base blockchain this week, many believe listing $PEPE could be mutually beneficial for both parties.
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