Cryptocurrency analysts are forecasting a potential rally for meme coin Pepe PEPE/USD, fueled by plans from a Reddit community to pump the frog-themed crypto.
A popular subreddit, r/Pepecryptocurrency, with over 19,000 members, has announced a coordinated effort to purchase Pepe coins on Dec. 3 at noon Eastern Standard Time, setting the stage for increased activity in the market.
The rally could align with bullish technical signals observed by crypto analysts.
Chandler Bing, a pseudonymous crypto influencer, highlighted on X (formerly Twitter) that Pepe Coin has formed a falling wedge pattern, often associated with an imminent upward breakout.
On the daily chart, Pepe recently reached a high of $0.000025 in November before pulling back to $0.00001728.
This level coincides with the upper boundary of a cup and handle (C&H) pattern formed between May and November, a formation widely regarded as a bullish indicator.
Also Read: XRP Price Explodes 415% In 30 Days: Experts Analyze Why XRP Is Going Up
The C&H pattern, characterized by a rounded bottom and a subsequent breakout past a resistance level, suggests the potential for continued gains.
Further technical patterns are also signaling bullish momentum.
Pepe has developed a bullish pennant pattern—a combination of a long vertical line followed by a symmetrical triangle—and an inverse head and shoulders pattern, both commonly associated with strong upward movements.
Analysts suggest that if Pepe Coin surpasses its year-to-date high, it could rally by as much as 50%, with bulls eyeing a resistance target at $0.000030.
However, a drop below the support level of $0.00001728 could negate the bullish outlook, potentially triggering further declines.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
