Pepe price rallied and moved above a key resistance level as some analysts predicted that Elon Musk was secretly shilling on the coin.
Will PEPE Price Rally After Elon Musk’s Alleged Shill?
Some crypto analysts have predicted that Elon Musk, the world’s richest person, was secretly shilling on the coin. In an X post, Chandler Bing, noted that Musk’s social media activity was supportive of the coin.
In another post, he said that Musk’s behavior mirrored what he did for Dogecoin in 2020 when he started liking and retweeting memes. He then went public on his support for DOGE in 2021, sending it to a record high. This year, the coin has soared after he was appointed to lead the Department of Government Efficiency (DOGE).
Still, Musk, who has a net worth of almost $350 billion, has not declared publicly that he supports the coin, making Bing’s X posts largely hypotheticals. Musk has publicly declared that he owns just Bitcoin and Dogecoin.
However, the value of Pepe would likely go parabolic if he came out in support of it because of his influence and the fact that millions of people look up to him. Just recently, most Musk-themed coins like Dogelon Mars and the Department of Government Efficiency have all jumped.
PEPE Technical Analysis: New ATH Next
As our previous Pepe Coin price forecast has shown, there are rising odds that the coin will stage a strong comeback and reach a record high.
Most analysts agree that this view will happen in the coming days. In an X post, an analyst known as Jameson noted that Pepe had just moved above a key resistance level on the two-hour chart. He sees it soaring to an all-time high in the near term.
Pepe has one of the best daily charts in crypto. As shown below, the coin recently jumped above the key resistance at $0.00001717, the upper side of the cup and handle pattern, a popular continuation sign.
It has also remained much higher than the 50-day and 100-day moving averages. Most importantly, Pepe coin has formed a bullish pennant pattern shown in blue. This pattern happens when an asset forms a parabolic move followed by a symmetrical triangle pattern formation.
That triangle is now nearing its confluence level, meaning that the coin has more upside to go. If this happens, the first target will be the all-time high of $0.000025, which is 20% above the current level. The ultimate target for Pepe will be $0.000049, which we estimated by measuring the upper and lower side of the C&H pattern.
On the flip side, a drop below the psychological point at $0.000015 will invalidate the bullish case.
Frequently Asked Questions (FAQs)
No. Musk, the world’s richest man, has not endorsed Pepe but a future X post supporting the coin cannot be ruled out.
Such a move would be highly bullish for the coin because of his influence in the US and around the world.
Pepe coin has formed numerous bullish patterns like a pennant and a cup and handle. It also remains above all moving averages, pointing to more gains.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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