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PEPE Eyes 500% Move In Pre-Breakout Retest, Can It Outperform Dogecoin? | Bitcoinist.com
Analyst Calls Out Bullish PEPE Formation
Crypto analyst Crypto Patel on the X (formerly Twitter) platform has called out PEPE as one of the coins that is showing bullish tendencies right now. This stems from the fact that the meme coin continues to hold strong even in the face of bearish pressure, and what’s more is that it has been able to maintain major support during this time.
Related Reading: Here’s What The Ripple CEO Had To Say About The Bitcoin Vs. XRP DebateAs the crypto analyst explains, the PEPE price is still holding above trendline support at $0.0000091 to $0.0000112. This not only serves as major support but is also an accumulation zone for the meme coin. Thus, a continuous hold at this level suggests that bulls are still in control of the altcoin’s price.
Since the PEPE price has already seen a small breakout above the $0.000012 level, it suggests that accumulation is ending and a breakout retest is being staged right now. If this breakout retest is successful, then the next stop for the meme coin would be a full-on rally that could take it toward new all-time highs.
Can It Outperform Dogecoin?
After moving into the limelight, PEPE has been fondly referred to as the next Dogecoin due to its ability to stage massive rallies akin to Dogecoin back in 2021. Given its lower market cap as well, the former has been expected to outperform the latter as the market winds back into bullish territory.
Related Reading: Dogecoin Price Could Break Down Completely If This Level Fails To HoldHowever, this does not mean that there are no gains to be had with Dogecoin, according to crypto analysts. One analyst, Coin Mastermind, has revealed an important formation in the Dogecoin price chart that could trigger a rally, and this is the round bottom support line.