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- A popular crypto analyst has claimed that PEPE is primed for a massive rally, pointing to its recent ABC corrective move, which usually precedes a five-wave surge.
- He also projected that POPCAT would surge to new highs, claiming that its price trend mirrors Dogwifhat back in March before it embarked on unprecedented heights.
Frog-themed meme coin Pepe could be about to embark on a massive rally, says one popular crypto analyst, despite the token dipping over 20% in the past month.
PEPE trades at $0.00001249, losing 1% in the past day for a $5.25 billion market cap, the third-largest among meme coins after Dogecoin and Shiba Inu. In the past week, it gained 8.95% as most meme coins rebounded. However, the weekly rally wasn’t enough to recover from the big dip at the start of the month; overall, the token has lost 21.3% in the past 30 days.
Despite the underwhelming performance in June, pseudonymous trader Bluntz Capital believes that PEPE is primed for major gains. He told his 263,000 X followers that the meme coin has undergone an ABC correction and is about to embark on a five-wave rise.
This analysis is based on the Elliot Wave theory, which focuses on investor sentiment and psychology to detect recurrent long-term price patterns. It relies on impulse waves that set up a long-term pattern and the corrective waves that oppose this larger trend. One of its fundamental principles is that following an ABC correction, an asset’s price embarks on a five-wave rally.
Another analyst called on PEPE holders to HODL, noting that before a price breakout, an asset goes through a period of sideways trading and consolidation that shakes out most investors.
“To climb the mountain of success and reach the peak you must have resilience, confidence and conviction…The market has been unkind to 95% of projects in the last week or so but this is all part of the game we play, This team has been on fire and their commitment to this project is a 1000%,” he stated.
The investor shakeout is just as strong with the whales as it is with retail investors. As Lookonchain revealed recently, one PEPE whale capitulated and deposited over 700 billion tokens on Binance, worth $7.8 million. He sits on a total loss of $3.5 million.
Despite all the turmoil, PEPE remains one of this year’s best performers. Year-to-date, it has gained 860%, the second-highest gain in the top 100 coins, second only to fellow meme coin WIF, which gained 1,300%.
However, this year’s biggest performer overall has been POPCAT. The Solana-based meme coin has gained 7,000% this year to trade at $0.5733 for a total market cap of $561 million. In the past seven days alone, it has doubled its price and gained 18% in the past 24 hours.
Bluntz Capital believes that POPCAT’s run is still not up.
$popcat coming in hot with a turbo strong bounce form the lows.
clear 5 waves up on daily and big fuck off abc back down now looking done and complete.
im starting to think memes are back baby pic.twitter.com/3LKDQJq9O5
— Bluntz (@Bluntz_Capital) June 24, 2024
