Pepe Looking Bullish: Analyst

6/25/2024 3:33:25 PM

(MENAFN- eTrendy Stock) Analysts from Cilinix crypto suggest that Pepe (PEPE) looks bullish based on its current dynamics.

The analyst noted that the meme coin, predicted to hit $1 soon, has demonstrated considerable strength among other meme coins throughout the year. Despite earlier skepticism, the coin maintained its value even as broader market trends pointed downward. The discussion emphasized the interconnection between Bitcoin's (BTC) market behavior and the performance of altcoins, noting that Pepe's future movements are likely tethered to Bitcoin's fortunes.

The analyst also states that Bitcoin's current market dynamics are hovering around the $62,000. The expert predicted that if Bitcoin, expected to hit $200,00 soon, can achieve a bullish breakout above this threshold, it could catalyze a rally for the meme coin, potentially pushing its value significantly higher. Conversely, without such a breakout, he states that the meme coin might face a decline, with expectations setting its possible fallback. This comes as other analysts predict a bullish trajectory for the meme coin.

Pepe Price Prediction: How is Pepe Doing Today?

Analyzing the meme coin's price charts, we see that the Alligator indicator, composed of three moving averages (plotted in blue, red, and green), is designed to identify the start of a new trend. As of the latest data, the lines are beginning to spread out, with the green line (Lips) crossing above the red (Teeth) and blue (Jaw) lines, suggesting a potential bullish phase entering the market.

4-hour PEPE/USD Chart | Source: TradingView

On the other hand, looking at other indicators, we see that the Average Directional Index (ADX) is plotted beneath the main chart and reads around 19.93, which indicates a weak trend. An ADX value below 25 often suggests that there is no solid directional movement in the market, showing that thecurrent trend's strength is currently low despite the bullish signals from other indicators. Based on stats from CoinMarketCap, Pepe was trading at $0.00001271 as of 5:12 p.m. UTC, representing a 17% increase over the last 24 hours.

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