The PEPE meme coin has somewhat struggled in the past few months, failing to capitalize on the current bull run. However, the token seems to be experiencing some form of recovery lately, with its value seeing a significant increase over the past week.
While PEPE has obviously grabbed the attention of some investors, it also seems to be a cryptocurrency of interest amongst the experts. For instance, a popular crypto pundit on the X platform has sounded a buy alarm for the meme coin.
PEPE’s Price To Reach $0.0000017?
In a recent post on X, prominent crypto analyst Ali Martinez put forward a bullish prognosis for the price of PEPE. According to the analyst, the cryptocurrency’s current setup suggests that it is primed for a bullish run to the upside.
This bullish forecast revolves around the formation of an inverse head-and-shoulders chart pattern on the three-day timeframe. Typically, the head and shoulders price pattern depicts a bullish-to-bearish trend reversal and suggests that an upward trend is coming to an end.
A chart showing the PEPE'S head and shoulders pattern on the 3-day timeframe | Source: Ali_charts/X
An inverse head and shoulders pattern, on the other hand, is a bullish chart formation that indicates a potential reversal of a downward trend. According to Martinez, PEPE’s price is currently forming a right shoulder of the inverse head and shoulders pattern, meaning that upward price movement is on the horizon.
Furthermore, the crypto analyst mentioned that the TD (Tom Demark) Sequential indicator has gone off, sounding a buy alarm for the PEPE meme coin. With this positive signal and the bullish chart formation, Ali Martinez anticipates a bullish trajectory for the cryptocurrency in the long term.
It would be logical to wait for a break and sustained close above the neckline before confirming the bullish thesis. In this case, investors could see the price of PEPE reach as high as $0.0000017, representing a potential 65% rise from the current price point.
As of this writing, PEPE’s price stands at about $0.000001015, reflecting an almost 1% decline in the past 24 hours. However, the meme coin has managed to retain most of its profit on the weekly timeframe.
According to data from CoinGecko, the PEPE token has witnessed a 10% increase in the last seven days. From a broader perspective, though, the cryptocurrency has struggled to hit the heights it once occupied.
Since the turn of the year, PEPE’s value has slumped by more than 22%. Nevertheless, the meme coin boasts a market capitalization of roughly $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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