A renowned crypto market analyst has predicted that Pepe Coin price is gearing up for a huge rally this Wednesday, April 23. Analyst James Wynn has forecasted that the frog-themed meme coin is eyeing a bullish breakout shortly ahead, given it clears short-term resistance at $0.00001 and thus $0.00001050.
The upshot? Crypto market traders and investors are left abuzz with this bold prediction amid a broader market pump as of early Asian hours on Wednesday. One PEPE token’s price costed around $0.000009 at the time of reporting, with its value up nearly 15% intraday.
Analyst Forecasts Bull Run For Pepe Coin Price; Here’s Why
Analyst James Wynn posted on X recently, highlighting vital TA updates for Pepe Coin price. As per the analyst, the meme coin is currently facing short-term resistance at around $0.000010000, which is also acting as a psychological resistance.
Given that the meme token breaks this resistance, another ‘take profit’ zone is to occur at the $0.00001050 price level. At this point, the meme coin’s price chart is primed to witness a cup formation as short-term traders take profit and mild panic briefly drags the price.
However, the analyst stresses that “We’ll then rally back fast to key resistance point 0.00001050, piercing through it and then come back down for a retest at that level to confirm the breakout.” For context, Wynn suggested that after a successful breakout above 0.00001050, PEPE price will pull back and retest this level, marking it as its new support.
Once this scenario is in motion, FOMO is bound to kick in among traders and investors, which could drive further upward momentum in price. For context, this pattern formation is called the ‘Cup and handle’ pattern and is usually considered bullish by traders.
Altogether, the analyst’s bold price prediction has kept investors optimistic, whilst the meme coin’s recent price action adds to this optimism. As mentioned above, Pepe Coin’s price is already up 15% intraday and 30% over the week, closing in at $0.000009086. It soared from a bottom of $0.000007841 in the past 24 hours.
A recent PEPE price analysis by CoinGape Media also poured additional optimism surrounding the meme coin’s price, revealing the timeline for a potential 7,220% surge. Notably, this bullish projection rides the back of Ethereum’s legendary performance, as ETH price today topped $1,800 amid broader bullish trends.
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