Cryptocurrency analysts are forecasting a potential rally for meme coin Pepe (CRYPTO: PEPE), fueled by plans from a Reddit community to pump the frog-themed crypto.
A popular subreddit, r/Pepecryptocurrency, with over 19,000 members, has announced a coordinated effort to purchase Pepe coins on Dec. 3 at noon Eastern Standard Time, setting the stage for increased activity in the market.
The rally could align with bullish technical signals observed by crypto analysts.
Chandler Bing, a pseudonymous crypto influencer, highlighted on X (formerly Twitter) that Pepe Coin has formed a falling wedge pattern, often associated with an imminent upward breakout.
On the daily chart, Pepe recently reached a high of $0.000025 in November before pulling back to $0.00001728.
This level coincides with the upper boundary of a cup and handle (C&H) pattern formed between May and November, a formation widely regarded as a bullish indicator.
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The C&H pattern, characterized by a rounded bottom and a subsequent breakout past a resistance level, suggests the potential for continued gains.
Further technical patterns are also signaling bullish momentum.
Pepe has developed a bullish pennant pattern—a combination of a long vertical line followed by a symmetrical triangle—and an inverse head and shoulders pattern, both commonly associated with strong upward movements.
Analysts suggest that if Pepe Coin surpasses its year-to-date high, it could rally by as much as 50%, with bulls eyeing a resistance target at $0.000030.
However, a drop below the support level of $0.00001728 could negate the bullish outlook, potentially triggering further declines.
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