The Q4 sentiment in the crypto market is steadily recovering as Bitcoin price inches close to the new all time high. Amid the bullish momentum
Crypto market Q4 sentiment is recovering as Bitcoin price nears a new all time high. Meme cryptocurrency is set to lead the rally due to their volatile analyst. Pepe coin price could lead the charge as it replicates chart formation from DOGE’s 2021 rally.
Pepe Coin Price to Mirror DOGE’s 2021 Rally: Analyst
In a recent tweet, crypto analyst Waleed.Eth highlighted similarities between Pepe Coin and Dogecoin price action before its 2021 rally. His daily chart analysis shows that DOGE price encountered a multi-year sideways trend before breaking out to rally 29,100% to $0.73.
The Pepe coin price showcased a resembling consolidation over the past 5-months, decreasing its value 49.7% from the all-time high of $0.000017. However, the crypto market signals the potential for a new bull run following the Bitcoin surge to a new high and U.S. presidential election in 2024.
If the theory holds true, a 2020-style DOGE rally could propel the PEPE price to a high of $0.0025.
Pepe OI Skyrockets 182% as Investors Gain Confidence
As reported by Coinglass, Pepe coin futures experienced a remarkable rebound in its open interest. Beginning in early August at $60.5 million, it surged to reach $170.8 million, indicating a growth of about 182.3%.
This substantial increase suggests growing investor confidence and heightened market activity surrounding the coin, potentially signaling bullish sentiment and increased speculative interest in Pepe’s future performance.
PEPE Price Analysis Hints Impending Breakout
At press time, Pepe price trades at $0.0000086 with an intraday loss of 2.47%. According to CoinGecko Data, PEPE market cap is at $3.64 Billion, with a 24-hour trading volume of $781.2 Million. With sustained selling, PEPE price could plunge 3.67% to hit the support trendline of a symmetrical triangle pattern.
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