Is Pepe Coin the Next Dogecoin? Analyst Sees 29,100% Potential

Is Pepe Coin the Next Dogecoin? Chart Patterns Signal Potential Breakout

The cryptocurrency market’s Q4 attitude is gradually improving as the bitcoin price approaches its new all-time high. The meme coin sector has the potential to lead a strong momentum rally amid the positive momentum because of its volatile analysts. The cryptocurrency researcher points out that since the price of Pepe mimicked the chart structure from DOGE‘s 2021 rise, it may lead to a charge.

A recent tweet from cryptocurrency analyst Waleed.Eth revealed some intriguing parallels between the price of Dogecoin before its 2021 surge and that of Pepe Coin. The DOGE price had a multi-year sideways pattern before a significant breakout that resulted in a 29,100% increase to $0.73, according to his daily chart analysis.

Pepe Coin Consolidates, Open Interest Jumps: Could a 2020-Style DOGE Rally Be Next?

The price of the Pepe coin showed a similar consolidation over the last five months, dropping 49.7% from its peak of $0.000017. However, with Bitcoin’s ascent to a new high and the 2024 U.S. presidential election, the cryptocurrency market suggests the possibility of a fresh bull run. A 2020-style DOGE rally might push PEPE’s price to a peak of $0.0025 if the theory is correct.

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Data from Coinglass indicates that Pepe coin’s future open interest has significantly increased. It jumped from an early August OI value of $60.5 million to $170.8 million, or about an 182.3% rise. This notable rise may indicate bullish sentiment and increasing speculative interest in Pepe’s future performance since it suggests rising investor confidence and increased market activity around the coin.

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