Pepe Coin Surges 22% Weekly Amid Bullish Predictions

Top crypto analysts have recently forecasted a highly bullish outlook for Pepe Coin, predicting a significant price rally amidst an ongoing 22% weekly price increase. Analysts such as Ali Martinez, CryptoELITES, and World of Charts have highlighted the potential for a 40x gain and a bull run, suggesting a 50%-60% pump is imminent. These optimistic projections come after a recent market turmoil that saw PEPE's price drop by nearly 30% over the month.

Ali Martinez, a prominent crypto analyst, noted on March 18 that Pepe Coin's price is forming an inverse head and shoulders pattern on the hourly chart. This pattern, which has been developing since the start of the month, indicates a key neckline resistance at the $0.0000075 price level. Martinez further revealed that the meme coin's price action in the last 24 hours formed part of the right shoulder of this pattern. A sustained break above this neckline resistance could trigger a 40% price upswing, according to Martinez.

CryptoELITES, another analyst, confirmed that Pepe Coin's price has bottomed out at $0.0000069834. At the time of reporting, the PEPE token's price was trading at $0.000007181, marking a 6% intraday increase. The meme coin hit an intraday high of $0.000007582, briefly breaking the neckline resistance highlighted by Ali Martinez. CryptoELITES believes that this pump is just the beginning, with a 40X target on the horizon.

World of Charts, another analyst, also noted that the frog-themed meme coin is trading in crucial areas, spotlighting an inverse head and shoulders pattern. This forecast added to market optimism, as the analyst expects a 50-60% bullish rally after a successful breakout from similar resistance levels near $0.000007. A PEPE price analysis by CoinGape also spotlights the same pattern, cementing investor sentiments of a bull run.

The meme coin has already seen a nearly 22% increase over the past week, according to CoinMarketCap. Further gains are anticipated in light of the bullish predictions and an ongoing recovery sentiment ahead of the U.S. FOMC. The renewed market interest in the asset is evident, with the crypto's futures OI rising by over 8% to $237.90 million recently. Additionally, the derivatives volume shot up by nearly 16% to $627.05 million.