During Wednesday’s U.S. market session, the crypto market experienced increased selling pressure as Bitcoin's price dropped below $67,000. This led to a 1.9% decline in Pepe coin's price, threatening a bearish breakdown below $0.00001. However, prominent crypto analysts highlight an imminent breakout for Pepe, forecasting a potential rally toward a $25 billion market cap.
Bullish Pennant Pattern Signals Potential Rally
A recent analysis highlights a bullish pennant pattern in PEPE’s market cap chart. In technical analysis, this pattern often appears during an established uptrend, signaling the potential for continued bullish momentum.
After a significant uptrend, the chart pattern shows temporary consolidation within converging trendlines, allowing buyers to regain momentum. The analysis suggests that PEPE's market cap formed a similar pattern in early 2024 before surging to $7.5 billion.
An imminent breakout from this pattern could propel PEPE’s market cap to $25 billion.
Current PEPE Market Status
- Price: $0.000097
- Market Cap: $4.07 billion
- **Potential Price at $25B Market Cap**: ~$0.000596 (assuming constant circulating supply)
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Long-Term Holding Sentiment Grows Among PEPE Investors
Santiment data reveals a steady decline in PEPE supply on exchanges—from 227 trillion to 192.4 trillion since March 2024. This trend indicates:
- Reduced selling pressure
- Increased long-term holding sentiment
- Strong confidence among top holders (maintaining 45% of supply)
Technical Analysis: Triangle Pattern Hints at Major Breakout
A renowned crypto trader notes that PEPE is at a critical juncture within a triangle pattern. Key observations:
- Support Level: Triangle’s bottom trendline
Potential Targets:
- $0.000013 (initial breakout)
- $0.0000166 (mid-term)
- $0.000024 (long-term)
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Frequently Asked Questions (FAQs)
What price could PEPE reach if its market cap hits $25 billion?
If PEPE’s market cap surges to $25 billion, the price could rise to approximately $0.000596, assuming no change in circulating supply.
What does declining exchange supply indicate for PEPE?
The steady decline in PEPE’s exchange supply signals reduced selling pressure and growing long-term holding sentiment among investors.
What are the key levels traders are watching?
Traders are monitoring the triangle pattern’s bottom trendline as critical support. A bullish breakout could propel PEPE toward $0.000013, $0.0000166, and $0.000024.
Why are top holders maintaining their positions?
Top addresses holding 45% of PEPE’s supply suggest strong confidence in its long-term potential, reducing volatility from large sell-offs.
How does Bitcoin’s price action affect PEPE?
PEPE’s next move may align with Bitcoin’s trend. A broader market recovery could catalyze PEPE’s breakout, while continued bearishness may prolong consolidation.
Final Thoughts
PEPE’s technical setup and on-chain metrics paint a bullish picture, with analysts eyeing a $25 billion market cap. Investors should monitor Bitcoin’s momentum and PEPE’s key support/breakout levels for confirmation of this upward trajectory.
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