Red-Hot Memecoin Pepe Could Have Much Further To Run if One Pattern Plays Out: Top Trader
A widely followed crypto strategist believes that scorching-hot memecoin Pepe (PEPE) could witness more rallies if it continues to follow in the footsteps of a tech stock that exploded during the Covid pandemic.
Psuedonymous analyst Kaleo tells his 585,000 Twitter followers that Pepe’s recent eruption is reminiscent of Zoom’s (ZM) price action in early 2020, when the tech stock soared over 800% in less than 12 months.
According to Kaleo, Zoom traded below a diagonal resistance before its meteoric ascent, which he notes looks similar to Pepe’s current market structure on the lower timeframes.
“If I have the ability to create bottoms in markets, surely I have the ability to create tops.
Here’s a comparison of ZM during the Covid bubble vs. PEPE now.”
Kaleo goes on to say that PEPE has already managed to take out the diagonal resistance after printing a new all-time high of $0.00000431.
“PEPE is out here actually going for it.”
Looking at Kaleo’s charts, it appears that he sees PEPE rallying close to $0.000007 before topping out and reversing its trend.
At time of writing, Pepe is trading for $0.00000296, suggesting an upside potential of over 130% should the memecoin hit Kaleo’s target.
Pepe, the 42nd-largest crypto by market cap, is one of the hottest altcoins as of late. The memecoin skyrocketed by over 5,330% from its all-time low of $0.000000055142, which it recorded on April 18th.
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Featured Image: Shutterstock/Garry Quinn
Generated Image: DALLE-2
