Pepe Coin price has sold off as the ongoing crypto meltdown accelerates, with Bitcoin falling from its all-time high. Can the third-biggest meme coin bounce back and hit $1, as one popular crypto analyst expects?
Crypto Analyst Predicts Pepe Coin Price Can Hit $1
Pepe Coin price has retreated this week and moved into a technical bear market after falling by 30% from its November high. This crash mirrors that of other meme coins like Dogecoin, Popcat, and Floki.
Still, one analyst believes that Pepe can still stage a remarkable comeback and surge to $. In an X post, Comet, who has more than 81,000 followers, said that he bought 1 million Pepe coins, paying $19 for the transaction. He now expects that he will become a millionaire when the coin jumps to $1.
Can Pepe price jump to $1 as some other meme coins like Dogwifhat, Popcat, and Peanut the Squirrel have done? Pepe trades at $0.00001824, meaning that it would need to jump by 5,482,352% to get to $1.
Pepe has a market cap of over $7.6 billion, meaning that a jump to $1 would bring its valuation to $416.6 trillion, a figure that is higher than the combined market cap of all publicly traded companies and the world GDP of $105.4 trillion.
As such, while anything is possible in the crypto industry, it is highly unlikely that Pepe coin price will jump to $1 any time soon.
PepePrice Analysis: Patterns Point To A Rebound
A keen technical analysis of Pepe shows that the ongoing pullback may be short-lived as the coin has formed numerous bullish patterns. First, Pepe is in the process of forming a falling wedge chart pattern, which is characterized by two falling and converging trendlines. This pattern results into a bullish breakout, especially when the two lines near their convergence zone.
Second, this falling wedge is aiming at the key support at $0.00001720. That is a notable level since it was the upper side of the cup and handle pattern that formed between May and November 2024. A C&H happens when an asset forms a rounded bottom followed by some consolidation. By measuring the depth of the cup, we can estimate that the target for the coin is $0.0000289.
Pepe price, therefore, wants to do a break and retest pattern. This is a situation where an asset rises above a crucial resistance, retests it, and then resumes the original trend.
Therefore, the short-term outlook for Pepe coin price is where it retests the support at $0.00001720 and then bounces back, and retests this month’s high of $0.00002591. A break above that level will push it to $0.00002891, the target of the C&H pattern.
The bullish Pepe price prediction view will become invalidated if the coin drops below $0.000016. This price is a few points below the upper side the cup and will point it to the 200-day moving average at $0.000010.
The post Will Pepe Coin Price Realistically Hit $1? appeared first on CoinGape.
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