Crypto Analyst Foresees Pepe (PEPE) Surge Amid Memecoin Momentum

Amid the recent uptrend in memecoins, crypto analyst Michaël van de Poppe is eyeing a potential breakout surge for the lesser-known challenger, Pepe (PEPE). With the surge of memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) capturing the market's attention, Pepe has caught the analyst's eye as a potential candidate for a significant price movement.

Timeline of Pepe

PEPE surged remarkably in the past week posting gains of approximately 20%. The $0.0000011079 support level on the daily chart acted as a price pivot for the gains in the last few days, indicating an attempt to enter the buy zone.

According to a recent tweet by The Data Nerd account, a wave of heavy accumulation undertaken by multiple whales and smart wallets has ensured a 23% rise for the trendy PEPE meme coin in the past seven days.

A widely followed crypto analyst believes that Dogecoin (DOGE) challenger Pepe (PEPE) is gearing up for a breakout surge. Analyst Michaël van de Poppe tells his 663,100 X followers that Pepe looks primed for a breakout amid the recent rise of fellow memecoins DOGE and Shiba Inu (SHIB).

Pepepcoin Price Analysis: On August 8th, the Pepecoin price gave a bullish breakout from the resistance trendline of a falling wedge pattern. This pattern completion signals a trend reversal and triggers a V-shaped recovery in the daily time frame chart.

In the daily time frame chart, the Frog-themed memecoin PEPE shows a V-shaped recovery from the combined support of $0.00000105 and 78.6% Fibonacci retracement level. This bullish upswing is likely associated with the formation of a bullish reversal pattern called an ending diagonal.

The movement of large token volumes can send ripples throughout the market. Recent activity around PEPE tokens has raised more than a few eyebrows, with a particular whale making considerable purchases.

PEPE has emerged as a symbol of resilience in the face of uncertainty in the broader meme coin market. A timely intervention by a deep-pocketed investor, an anonymous whale, has breathed new life into the frog-themed token, giving it a shot in the arm.

On-chain and social data show a significant rise in Pepe's (PEPE) social dominance, surpassing Bitcoin (BTC) and Ethereum (ETH). Data by market intelligence platform Santiment shows that whale transactions have constantly risen over the past week.

In the dynamic world of cryptocurrency, the illustrious rise of meme coins continues, and PEPE stands as a notable contender. Yet, like its meme coin counterparts, PEPE has faced its share of challenges over the past few weeks.

Pepepcoin Price Analysis: Amid the ongoing correction in the Frog-themed cryptocurrency PEPE, the coin price is shaped into a falling wedge pattern or also known as an ending diagonal pattern. The converging trendline of this pattern, where the support trendline is less inclined indicates the weakening bearish momentum.