TLDR
Pepe coin’s market cap has reached $7.3 billion, with analyst predictions suggesting potential growth to $50 billion and overtaking Shiba Inu
Currently trading at key support level of $0.00001716, with technical analysis showing mixed signals including both bullish cup and handle pattern and bearish head and shoulders formation
Ethereum’s expected price movement to $5,000 is considered a potential catalyst for Pepe coin’s growth
Market cap difference between Pepe ($7.2B) and Shiba Inu ($12.6B) requires 75% growth for flipping scenario
Recent price action shows resilience at triple-bottom pattern with neckline at $0.00002826
The cryptocurrency market witnessed notable price action on Tuesday as Pepe coin, the emerging meme token contender, displayed resilience at key technical levels while Bitcoin recovered from $88,000 to nearly $97,000. Market data shows Pepe coin currently maintaining a market capitalization of $7.3 billion, positioning it within striking distance of Shiba Inu’s $12.6 billion valuation.
Recent price movements have established a critical support level at $0.00001716, coinciding with the upper boundary of a cup and handle pattern that developed between March and November 2024. Technical analysts note this pattern’s completion typically suggests continued upward momentum, particularly following successful retests of the breakout level.
The token’s price structure reveals multiple technical formations, including a triple-bottom pattern with its neckline positioned at $0.00002826. Market participants have observed three distinct instances where the price refused to break below this level, instead creating false breakouts that typically indicate accumulation phases.
Easily one of the most bullish HTF charts in crypto$PEPE looks ready to absolutely send to new all time highs and FAR beyond
Bullish chart setup + ETH pending outperformance = Perfect storm for PEPE to absolutely SEND
Only a matter of time before it rips
PEPE flipping SHIB… pic.twitter.com/Qe3BRwBAs4
— Jameson (@jamesonxbt) January 14, 2025
Trading activity shows sustained volume above the 100-day moving average, a metric traditionally used to gauge overall trend strength. This technical indicator remains supportive of the current price level, suggesting underlying buying pressure continues to provide market support.
However, the technical landscape presents contradicting signals. A head and shoulders pattern has formed with its neckline at $0.00001713, introducing an element of caution to the market outlook. This formation, recognized as a bearish indicator, suggests potential downside risk to the psychological support level of $0.000010.
Market data indicates Pepe’s current positioning requires approximately 75% growth to match Shiba Inu’s market capitalization, assuming SHIB’s valuation remains stable. This mathematical relationship provides traders with a clear metric for evaluating the potential of the much-discussed “flipping” scenario.
The token’s price action coincides with broader market movements, particularly in the Ethereum ecosystem. Trading data shows correlation between ETH price movements and Pepe’s market performance, leading some analysts to identify potential catalysts in Ethereum’s technical structure.
Tuesday’s market recovery brought renewed attention to support levels, with Pepe coin finding buyers after Monday’s dip to $0.000015. This price action occurred against a backdrop of rising US and global bond yields, highlighting the token’s resilience during broader market volatility.
PEPE Price on CoinGecko
Volume analysis reveals consistent trading activity at key price levels, suggesting active participation from both retail and larger market participants. This volume profile adds credibility to the established support and resistance zones.
Historical price data shows Pepe coin’s 2024 high stands at $0.00002826, representing a 65% increase from current levels. This price point serves as a key reference for traders monitoring potential breakout scenarios.
Market order books display concentrated support around the $0.00001716 level, reinforcing its technical importance as a pivot point for near-term price action. This price zone has repeatedly attracted buying interest during recent market corrections.
The token’s market structure shows development of multiple timeframe support levels, with the daily chart highlighting both immediate and intermediate-term price barriers. These technical levels provide traders with clear reference points for position management.
Analysis of market depth data indicates liquidity clusters around key technical levels, particularly near the triple-bottom pattern’s neckline. This liquidity distribution suggests potential price acceleration upon any decisive break of established ranges.
Trading volumes show increased activity during recent tests of support levels, with successful defenses of these zones accompanied by above-average volume. This volume pattern typically indicates legitimate market interest rather than artificial price movement.
The most recent market data shows Pepe coin trading at $0.00001716, maintaining position above its 100-day moving average while market participants evaluate the competing technical patterns present in its price structure.
The post PEPE Price Analysis: Technical Patterns Suggest Potential 65% Rally for Popular Meme Token appeared first on Blockonomi.
