- KALEO predicted that PEPE’s market cap may soon climb above $1 billion soon.
- The analyst highlighted the fact that PEPE’s price recently broke out of a long-term chart pattern.
- At press time, PEPE was trading at $0.000001333 following a 24-hour gain of 0.46%.
In a tweet today, the cryptocurrency trader and analyst KALEO predicted that the market cap for Pepe (PEPE) may climb to above $1 billion. According to the post, the meme coin’s market cap currently stands at around $525 million.
The analyst based his bullish prediction off the fact that Dogecoin (DOGE) saw its market cap peak at $80 billion in the last bull cycle. Meanwhile, Shiba Inu’s (SHIB) market cap reached $40 billion during this period. To add credence to the positive outlook, the analyst highlighted that PEPE’s price broke out of a long-term chart pattern.
At press time, CoinMarketCap indicated that PEPE’s price experienced a 24-hour gain of 0.46%. Subsequently, the altcoin was trading hands at $0.000001333. This positive daily performance also pushed PEPE’s weekly performance further into the green zone to +15.27%.
Looking at the daily chart for PEPE/USDT, the meme coin’s price was able to break out of a symmetrical triangle chart pattern over the past 48 hours. As a result, PEPE was attempting to challenge the $0.0000013586 resistance level at press time.
Should the cryptocurrency’s price close a daily candle above this price point within the next 48 hours, then it will have a clear path to rise to $0.0000016790 in the following week. On the other hand, if PEPE’s price is rejected by this resistance level, then it will be at risk of falling to the crucial support level at $0.0000009930 in the following few days.
The bullish thesis is more likely to play out given the fact that a noteworthy bullish technical flag was on the verge of being triggered. At press time, the 9-day EMA line was looking to cross above the 20-day EMA line. If these 2 technical indicators cross in the upcoming couple of days, then it will indicate that PEPE’s price has entered into a short-term positive cycle.
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