The PEPE meme coin has suffered somewhat over the past few months as it has been unable to capitalize on its current uptrend. However, the token appears to be showing some form of recovery recently, with its value increasing significantly in the past week.
PEPE has certainly caught the attention of some investors, but it seems to be a cryptocurrency that is also gaining traction among experts. For example, a popular cryptocurrency expert on the X platform sounded a buy alarm for meme coins.
Will PEPE price reach $0.0000017?
In a recent post on According to analysts, the cryptocurrency’s current setup suggests it is poised for an uptrend.
This bullish forecast revolves around the formation of an inverse head and shoulders chart pattern over a 3-day period. Typically, the head and shoulders price pattern indicates a trend reversal from bullish to bearish and indicates that an uptrend is coming to an end.
A chart showing the PEPE'S head and shoulders pattern on the 3-day timeframe | Source: Ali_charts/X
On the other hand, the inverted head and shoulders pattern is a bullish chart formation that indicates a possible reversal of the downward trend. According to Martinez, the price of PEPE is currently forming the right shoulder of an inverted head and shoulders pattern, which means an upward price move is imminent.
Additionally, the cryptocurrency analyst noted that the Tom Demark (TD) sequential indicator went out, triggering a buy alarm for the PEPE meme coin. With these positive signals and bullish chart formations, Ali Martinez predicts a bullish trajectory for cryptocurrencies in the long term.
It would be logical to wait for a bearish trend to emerge and hold close above the neckline before confirming the bullish thesis. In this case, investors believe that the price of PEPE is $0.0000017, representing a potential 65% upside from the current price range.
PEPE price
As of this writing, the price of PEPE is around $0.000001015, reflecting a decline of nearly 1% over the past 24 hours. However, meme coins retained most of their gains during the weekly period.
According to data from CoinGecko, the PEPE token has increased by 10% over the past seven days. But from a broader perspective, cryptocurrencies are struggling to reach the heights they once occupied.
PEPE’s value has fallen more than 22% this year. Despite this, Meme Coin boasts a market capitalization of approximately $428 million.
PEPE price at $0.000001016 on the daily timeframe | Source: PEPEUSDT chart on TradingView
Featured image from Adobe Stock, chart from TradingView
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