Pepe Coin Doubles in November: How High Could It Go in December?
Key Highlights:
- Pepe Coin’s value more than doubled in November.
- Technical patterns indicate the potential for further gains in December.
- Patterns include a cup and handle, a falling wedge, and a break-and-retest formation.
Pepe Coin’s November Rally and December Outlook
Meme coins enjoyed strong performances in November, driven by a risk-on sentiment in the crypto market. Among them, Pepe Coin stood out, doubling in value. As December begins, the question arises: how high can this third-largest meme coin climb?
Bullish Technical Indicators for Pepe Coin
Pepe Coin’s technical analysis suggests a positive outlook, despite two consecutive weeks of decline. The token formed a cup and handle (C&H) pattern from May to November, a bullish formation characterized by a rounded bottom.
- Breakout Target: The breakout above $0.00001717 on November 13 signals potential gains. By measuring the 65% depth of the cup, the next target is projected at $0.000028.
- Additional Patterns: Pepe has also formed:
- A falling wedge: A bullish structure that often leads to a breakout as converging trendlines narrow.
- Break-and-retest: The price broke above $0.00001717, retested it on November 26, and formed a morning star candlestick pattern, a bullish signal.
With these patterns intact and the price staying above the 50-day moving average, Pepe Coin could rally in December, potentially hitting the C&H target of $0.000028. However, this bullish outlook becomes invalid if the price drops below $0.000016, the upper side of the cup.
Is Pepe Coin Entering an Accumulation Phase?
Some analysts believe Pepe Coin is in a re-accumulation phase, a precursor to a strong rally. Wyckoff Insider, an expert on market cycles, suggested that the coin is poised for the final bullish phase of its run. 
- Wyckoff Method: This market theory identifies four phases: accumulation, markup, distribution, and markdown. Pepe appears to be transitioning from accumulation to markup, the most bullish phase.
Pepe Coin’s Strong Trading Volume and Whale Activity
Pepe remains one of the most traded meme coins, with a 24-hour volume of $4 billion on November 28, second only to Dogecoin. Additionally, whale activity indicates ongoing accumulation, supporting the case for further upward momentum.
Conclusion
With strong technical patterns, sustained trading volume, and signs of accumulation, Pepe Coin could see significant gains in December. However, traders should monitor key levels, such as $0.000016 for support and $0.000028 as a potential target, to confirm its bullish trajectory.
