Price Analysis

Analyst Foresees Pepe Coin Price Replicating DOGE’s 2021 Rally

Crypto analyst highlights similarities between Pepe Coin price and DOGE’s 2021 rally, suggesting a potential breakout to new high.
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Analyst Foresees Pepe Coin Price Replicating DOGE’s 2021 Rally

Highlights

  • Crypto analysis shows similarities between DOGE’s consolidation 2021 rally and Pepe coin price, signaling the potential for a major rally.
  • The PEPE price drives the current sideways trend in a symmetrical triangle pattern.
  • Pepe coin's futures open interest (OI) has shown a significant rebound of 182% in the last three months.

The Q4 sentiment in the crypto market is steadily recovering as Bitcoin price inches close to the new all time high. Amid the bullish momentum, the meme cryptocurrency sector shows potential to drive a high momentum rally due to their volatile analyst. The crypto analyst highlights that Pepe coin price could lead the charge as it replicates chart formation from DOGE’s 2021 rally.

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Analyst Predicts Pepe Coin Price to Mirror DOGE’s 2021 Rally

In a recent tweet, crypto analyst Waleed.Eth shared interesting similarities between the Pepe Coin and Dogecoin price before its 2021 rally. His daily chart analysis shows that the DOGE price witnessed a multi-year sideways trend before offering a major breakout that led to a 29,100% surge to $0.73.

Over the past 5-months, the Pepe coin price showcased a resembling consolidation, which tumbled its value 49.7% from the all-time high of $0.000017. However, the crypto market signals the potential for a new bull run following the Bitcoin surge to a new high and U.S. presidential election in 2024.

If the theory holds true, a 2020-style DOGE rally could propel the PEPE price to a high of $0.0025.

Pepe vs Doge | Waleed_Eth
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Investor Confidence Grows as Pepe OI Skyrockets 182%

According to Coinglass data, the Pepe coin has experienced a notable rebound in its future open interest. From an early August OI value of $60.5 million, it surged to $170.8 million, representing a growth of approximately 182.3%. 

This significant increase implies growing investor confidence and heightened market activity surrounding the coin, potentially signaling bullish sentiment and increased speculative interest in Pepe’s future performance.

PEPE Futures Open Interest | Coinglass
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PEPE Price Analysis Hints Impending Breakout

By press time, the Pepe price had traded at $0.0000086, with an intraday loss of 2.47. According to CoinGecko Data, PEPE’s market cap is at $3.64 billion, while the 24-hour trading volume moves at $781.2 Million. With sustained selling, the PEPE price could plunge 3.67% to hit the support trendline of a symmetrical triangle pattern. 

This chart pattern drives the current consolidation trend mentioned above within two converging trendlines. A potential breakout from the overhead trendline could signal the continuation of a bullish uptrend.

PEPE/USDT -1d Chart

However, if the overhead trendline remains intact, the Pepe coin price could delay the key breakout.

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Frequently Asked Questions

How does Pepe coin's current price pattern compare to DOGE's 2021 rally?

Pepe coin's current consolidation phase shows similarities to DOGE’s 2021 pattern, where a prolonged sideways trend preceded a major breakout

What recent pattern suggests a potential rally for Pepe coin?

The PEPE price is currently following a symmetrical triangle pattern, indicating a consolidation trend before major brekaout.

What could happen if PEPE fails to break out from the overhead trendline?

If the overhead trendline remains intact, the Pepe coin price could experience further consolidation and delay the key breakout
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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