CryptoELITES predicts PEPE could hit $0.000256 with a 40X surge.
Whale’s massive PEPE sell-off raises doubts about a 40X rally.
PEPE must reclaim $0.0000075 to confirm CryptoELITES’ bullish case.
Pepe (PEPE), the third-largest meme coin, is under intense bearish pressure after losing key support levels. Amid the declining market sentiment, a whale has dumped billions of PEPE tokens, raising concerns about further declines. However, CryptoELITES, a well-known crypto analyst, predicts that PEPE could experience a 40X surge, potentially reaching $0.000256. This very bullish PEPE price prediction is altering the current bearish sentiment of the market, with traders still unsure about what’s next for the meme coin.
On March 29, 2024, blockchain analytics firm Lookonchain reported that a major PEPE whale sold 150 billion tokens worth $1.14 million on Binance. The whale, an early PEPE investor, originally bought 1.5 trillion tokens for just $2,184. Over time, this investor has now sold 1.02 trillion PEPE tokens for $6.66 million, securing an astonishing $10.3 million profit at a 4,718x return.
Large-scale sell-offs like this often trigger panic among retail investors, leading to increased selling pressure and price drops. If the whale continues liquidating holdings, it could weaken bullish momentum, making it difficult for PEPE to recover. Despite this, CryptoELITES remains confident in a major price rebound.
Analyst Predicts 40X PEPE Price Surge
CryptoELITES, a crypto market analyst, has shared an optimistic PEPE price prediction, suggesting that the meme coin could surge 40X. The chart analysis indicates that PEPE has reached a critical bottom level, a pattern seen in previous cycles before major rallies. According to the analyst, if this setup holds, PEPE could skyrocket to $0.000256.Source: CryptoELITES, XThe bullish projection depends on the PEPE holding the vital support regions and recreating the market confidence. However, if bearish pressure continues to persist then this positive outlook will be affected.
Pepe Price Technical Analysis
Currently, PEPE is at $0.0000073, down by 5.50% over the 24 hours. As at now, trading volume has declined by 25% which can be an implication of low investment activities. To confirm a bullish breakout, analysts believe PEPE must reclaim the $0.0000075 resistance level.However, if PEPE price is able to close above this level, there is likely to be a buying pressure that could be consistent with CryptoELITES projected 40X run up. Conversely, if the meme coin does not bounce back, then it is likely to decline further with a target of $0.00000585.
Will PEPE Price Recover or Face Further Declines?
PEPE’s roadmap for the short term will depend on the ability of bulls to overcome the resistance levels to support its price. In case of a rise in the buying volume, the coin can have a bullish trend which is in line with CryptoELITES’ analysis. However, frequent whale selling and low morale may cause the decline to continue in the long run.Traders should focus on the daily chart and particularly the $0,0000075 level to determine whether a reversal pattern is in the making. If PEPE price fails to break through this level, further decline is expected, which seems to put into question the possibility of 40X growth.
