Bear Analyst Forecasts 66% Crash for PEPE Coin Price Amid Memecoin Supercycle Talks
Release: 2024/10/09 18:19 Reading: 689
Pepe Coin Price Faces Mixed Signals
Overview
Pepe Coin has recently witnessed an upward trend, forming consecutive higher highs and lower lows. However, a bearish analyst predicts a significant correction in October. On the other hand, speculation about a "meme coin super cycle" could potentially propel Pepe towards higher price levels.
Bearish Analysis by Alan Santana
Markets analyst Alan Santana foresees a potential price drop for Pepe in October, contrasting with the broader market's optimistic sentiment. He observes a shift towards a bearish trend, anticipating its duration to span approximately 22-27 days. This prediction is based on the coin's behavior during a preceding bullish wave that lasted 55 days. Santana also anticipates a decline below the August 5 crash, with the downward trend encompassing the entire market, similar to its impact during the previous rally.
Meme Coin Super Cycle Theory
Amidst the bearish outlook, analyst Murad Mahmudov foresees a "meme coin super cycle." He posits the notion of "cults" within the crypto realm, highlighting the influence of strong communities behind meme coin projects like Shiba Inu and Dogecoin. Pepe Coin also enjoys such support, with a 0.028% increase in token holders over the last 24 hours. Mahmudov commends the performance of projects with sizable communities, such as Pump.fun and Polymarket, despite not having a token. Conversely, others like Dogwifhat (WIF), Popcat (POPCAT), and Pepe have excelled with a product offering.
Technical Analysis
Pepe Coin's price chart suggests a breakout from a prolonged downtrend within a descending channel, indicating a potential shift towards bullishness. The breakout is followed by the formation of a symmetrical triangle, with the price respecting higher lows, reinforcing the positive outlook. A breakout from this triangle has a $0.00001700 resistance level as its target, offering an upside potential of nearly 75% from current levels. Sustaining above this resistance could lead to further gains, potentially reaching $0.00002200 or higher. src="/uploads/20241009/17284734026706693a0b926.png" data-lazy-src="/uploads/20241009/17284734026706693a0b926.png">
Support and Resistance Levels
The breakout level of $0.00000900 now serves as a support level. Maintaining above this zone is crucial for the continuation of the uptrend. Failure to remain above the rising trend line may indicate market weakness, leading to a drop towards $0.000008. Further selling pressure could push the price lower to the $0.000006 support, invalidating the bullish thesis.
FAQs
1. What is the Pepe Coin price forecast for October?
Analyst Alan Santana predicts a potential 66% crash for Pepe Coin in October, anticipating a bearish trend that may last for 22-27 days.
2. What is a "meme coin supercycle"?
A "meme coin supercycle" refers to a potential trend where meme coins experience substantial traction and price appreciation due to robust community support.
3. Is there potential for Pepe Coin to recover its price?
Despite the bearish outlook, Pepe Coin exhibits a breakout potential following an extended downtrend.
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