The crypto space has witnessed the emergence of many tokens. Some thrived and survived the bear market, while e got rugged within no time. In the meantime, tokens like YFI earlier and now PEPE underwent a monstrous rally and attracted liquidity as well as the huge attention of the market participants.
In the meantime, PEPE’s price appears to be closely following the Shiba Inu price pattern, as it has formed a similar price pattern that SHIB did during its initial days.
PEPE and SHIB are considered the popular meme coins that attracted huge gains in just a couple of weeks. Along with being the top traded tokens, both arrived on Binance at the same point in their lifetime.
The Binance listing was bullish but has been proven to be only short-term in both cases. Shiba Inu price dropped by nearly 90% in the first month after it arrived on Binance, while the PEPE coin plunged around 65% within 4 days.
PEPE coin appears to have stabilized and flashed the possibility of a reversal, and a similar pattern as SHIB also raises the speculation of surging 10x as SHIB did during the 2021 bull run. However, in the short term, the token is anticipated to a 25% from these levels, as predicted by a popular analyst, Michael van de Poppe.
“For PEPE, the first level gave a 35% bounce.
Now bouncing on the second level, which is up 25%.
I’m expecting a rejection around 220000-240000 and then it should come back down to 140000 from where a substantial relief rally should occur,”
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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.