The PEPE meme coin has struggled somewhat in recent months, failing to capitalize on the current bull run. However, the token seems to be experiencing something of a recovery lately, with its value rising significantly over the past week.
While PEPE has clearly caught the attention of some investors, it also seems to be a cryptocurrency of interest among experts. For example, a popular crypto expert on the X platform has sounded a buying alarm for the meme coin.
PEPE’s price will reach $0.0000017?
In a recent one message on X, prominent crypto analyst Ali Martinez came up with a bullish forecast for the price of PEPE. According to the analyst, the cryptocurrency’s current setup suggests it is primed for a bullish run to the upside.
This bullish prediction revolves around the formation of an inverse head-and-shoulders chart pattern over a three-day period. Typically, the head-and-shoulders price pattern depicts a bullish-to-bearish trend reversal and suggests that an uptrend is coming to an end.
A chart showing the PEPE'S head and shoulders pattern on the 3-day timeframe | Source: Ali_charts/X
An inverse head and shoulders pattern, on the other hand, is a bullish chart formation that indicates a possible reversal of a downtrend. According to Martinez, the price of PEPE is currently forming the right shoulder of the inverse head and shoulders pattern, meaning there is an upward price move on the horizon.
Furthermore, the crypto analyst said that the TD (Tom Demark) Sequential indicator has gone off, sounding a buy alarm for the PEPE meme coin. With this positive signal and the bullish chart formation, Ali Martinez expects a bullish trajectory for the cryptocurrency in the long term.
It would make sense to wait for a breakout and stay close above the neckline before confirming the bullish thesis. In this case, investors could see the price of PEPE rise to as much as $0.0000017, which represents a potential increase of 65% from the current price point.
PEPE Award
At the time of writing, PEPE is trading at around $0.000001015, reflecting a drop of almost 1% in the last 24 hours. However, the meme coin has managed to retain most of its gains on the weekly time frame.
According to data from CoinGecko, the PEPE token is up 10% over the past seven days. From a broader perspective, however, the cryptocurrency has struggled to reach the heights it once occupied.
Since the turn of the year, the value of PEPE has fallen by more than 22%. Nevertheless, the meme coin has a market capitalization of approximately $428 million.
PEPE price at $0.000001016 on the daily timeframe | Source: PEPEUSDT chart on TradingView
Featured image from Adobe Stock, chart from TradingView
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