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Cryptocurrency News Articles
The Blue-Chip Meme Coin Pepe (PEPE) Appears Poised for a Sharp Upside Move After Breaching Key Resistance Levels
Oct 16, 2024 at 12:01 am
The Pepe coin is currently trading at $0.0000103, marginally down from Monday's $0.000011 high. However, its recent price action indicates a strong likelihood of a bullish continuation
Prominent crypto analyst Nebraskangooner recently highlighted a potential bull flag breakout on X (formerly Twitter) for the blue-chip meme coin Pepe (PEPE). The breakout could indicate a sharp upside move for the meme coin in the coming days.
PEPE is currently trading at $0.0000103, down slightly from Monday's high of $0.000011. However, the recent price action suggests a strong possibility of a bullish continuation, especially with Bitcoin showing considerable strength.
This rally is providing the ideal backdrop for alternative frog meme coins to also soar. It is not without any reason that a microcap meme coin - Pepe Unchained - has secured nearly $20 million in presale funding.
Crypto majors have been teasing the bulls with choppy price action over several months, led by Bitcoin’s range-bound movement within a descending channel. With BTC now attempting to break out of the upper trendline, it is no surprise that blue-chip meme coins like Pepe are showing bullish strength.
According to technical analysis data from TradingView, the Pepe price is currently outperforming all key moving average indicators and has a healthy Relative Strength Index (RSI) in the daily, weekly and monthly timeframes.
Aside from the aforementioned bull flag breakout, PEPE is also trading within a descending channel. Experts highlight that a breach of the upper trendline could potentially trigger the next bullish leg, resulting in the Pepe price trading above the $0.00005 mark.
However, the meme coin sector remains strongly correlated with Bitcoin. After a double bounce from the 99-day Smoothed Moving Average, the BTC price is looking to secure a weekly close above the $66k - and eventually $68k - resistance levels. A rejection from these levels could result in more choppy price action.
However, the rising global market liquidity and strong ETF inflows would likely be enough for Bitcoin to hit a new all-time high in the coming weeks, paving the way for the highly-anticipated meme coin supercycle.
The Pepe coin is a blue-chip meme coin, with a relatively large $4.3 billion market capitalization. However, are blue-chip meme coins still in fashion? Indeed, sidelined investors are wondering whether it is too late to earn outsized returns from large caps like Pepe.
Prominent crypto investors like Max - with 55k X followers - project that PEPE is still highly undervalued, expecting it to peak at a $50 billion market cap.
Others like Spuro are anticipating another 8x upside move from the meme coin, projecting a new all-time high $32 billion valuation. Whether these predictions pan out remains to be seen. For now, low-cap meme coins clearly show a greater propensity to reach the $1 billion mark compared to the chances of large-cap coins attaining multi-billion valuations.
It is no surprise that smart money investors - particularly those hunting for 100x gains - are instead investing in microcaps.
Few projects have capitalized as much on the demand for new meme coins as Pepe Unchained (PEPU). It is not without any reason that it is nearing the $20 million mark in presale funding, making it one of the most successful ICOs of 2024.
As such, frog meme coins are in high demand, especially with smart money investors viewing them as beta bets on Pepe. Their bull thesis is quite straightforward - tokens like Apu Apustaja, PepeCoin and PeiPei will soar once PEPE pushes towards new highs.
However, Pepe Unchained is creating its own mark in the meme coin sector, backed with in-demand utility and attractive monetary perks. For instance, the project is set to launch a Layer-2 scaling ecosystem on Ethereum, designed specifically for meme coin trading.
With the Ethereum ecosystem losing out on mind share to Solana, Base and Sui, PEPU’s L2 chain is already creating quite a buzz amongst experts as a potential saving grace.
Additionally, PEPU buyers can stake their coins in the project’s native staking protocol, which is currently offering an APY of 112%. Owing to its unique value proposition, Pepe Unchained has caught the attention of whales, smart money investors and prominent crypto influencers.
Considering that PEPU is a low-cap token, some investors are even eyeing 100x returns from it in the upcoming meme coin supercycle.
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- The Bronze Unicorn: The Story of the 1943 Lincoln Cent
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