PEPE Coin, a prominent meme cryptocurrency, has recently achieved significant trading volume in Turkey’s local exchanges, securing the third spot behind market giants USDT and BTC. This surge has marked it as the most traded altcoin in the region. Investor enthusiasm has been reignited for the digital asset, reflecting a positive trend in its market performance.
Breaking Through Resistance
Since May 2023, PEPE Coin’s price action has been testing a key resistance level, aiming to breach it after several unsuccessful attempts. The internal team’s resolution of past disputes has facilitated a price recovery. As the bulls persist, the RSI on the weekly chart supports the continuation of the current uptrend, with prices reaching new heights.
Prospects of PEPE Coin’s Ascend
Crypto analysts are optimistic about PEPE Coin’s potential, with projections of new highs and a possible role as a leader in an anticipated meme coin surge. Speculative markets have seen meme coin values skyrocket during trend upticks, and PEPE Coin may follow suit, bolstered by positive sentiment among traders.
The daily chart analysis suggests an impending increase, referencing the Elliot wave theory for potential price action. This bullish outlook is further legitimized by Bitcoin‘s ascent to the $55,000 level, hinting at a broader market upswing.
The Elliot wave count forecasts a continuation of PEPE Coin’s ascent, targeting a resistance level that, if surpassed, could lead to new all-time highs. Conversely, should the coin falter, investors might expect a retraction to established support levels.