Max Schwartzman, the CEO of As a result of Bitcoin, has supplied a bullish outlook for PEPE. He acknowledged that the meme coin is mirroring the Dogecoin price action within the 2021 bull run and defined precisely how that is taking place.
How PEPE Is Mirroring The Dogecoin Value
In an X put up, Max asserted that PEPE is the Dogecoin of this cycle due to the similarities between the previous and the Dogecoin value motion within the 2021 bull run. He defined that proper as Bitcoin is breaking its earlier cycle’s all-time high (ATH), altcoins are witnessing the next time-frame (HTF) larger low coupled with a PEPE.
The crypto founder revealed that this was the identical factor that occurred with the Dogecoin price in 2021. His accompanying chart confirmed that PEPE is replicating Dogecoin’s 2021 value motion because the meme coin has witnessed a breakout whereas others are retesting the upper lows. In step with this, Max predicts that PEPE goes a lot larger.
This isn’t the primary time the crypto founder has drawn similarities between PEPE and the Dogecoin value. Final 12 months, he talked about that PEPE’s price action was just like Dogecoin in 2020. He additional predicted that the previous would take pleasure in a big value breakout this 12 months if it continued to reflect DOGE’s value motion.
When he made the prediction, PEPE’s market cap was $600 million. Since then, the highest meme coin has witnessed a parabolic rally and now boasts a market cap of over $8 billion. PEPE is among the best-performing crypto property this 12 months, with a year-to-date (YTD) acquire of 1,400%. Nonetheless, based mostly on Max’s current assertion, PEPE’s rally would possibly simply be beginning with the meme coin set to duplicate the Dogecoin value motion in 2021.
PEPE Forming A ‘Huge’ Bull Flag
In an X post, Crypto analyst and dealer Crypto Zeus highlighted a possible ‘massive’ bull flag that was forming for PEPE. This bull flag signifies that the meme coin might proceed its upward development as soon as this consolidation part is over. The analyst additionally remarked that PEPE will doubtless rise larger because the Bitcoin value hits new highs.
Equally, crypto analyst Chandler talked about a bullish pennant that had fashioned on PEPE’s chart. This bullish sample additionally signifies that the highest meme coin will proceed its upward development quickly sufficient. The analyst’s accompanying chart confirmed that PEPE might rally to as excessive as $0.000038 on its subsequent leg up.
PEPE seems to be to be cooling off for now, having only in the near past hit a brand new ATH on the again of Coinbase and Robinhood’s itemizing. On the time of writing, PEPE is buying and selling at round $0.00002017, down over 4% within the final 24 hours, in line with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com