Pepe coin is probably the most talked about asset within the crypto market proper now. The lower than one-month-old meme token has nothing in any respect to do with Bitcoin, but shockingly is displaying almost precise value patterns.
Don’t miss this unbelievable and strange chart comparability between BTCUSD and PEPEUSDC.
A Fast Recap Of Pepe Coin And Its Runaway Crypto Success
Pepe coin is likely one of the greatest new meme cash, prompting a large wave of extra meme tokens of every kind. In the event you couldn’t inform by the identify, very similar to Dogecoin is related to the Doge meme, this one options the Matt Furie-created Pepe the Frog.
Anybody who invested in Pepe coin over the past couple of weeks “feels good, man.” That’s as a result of it has risen in worth by over 2,500% in 14 days — numbers which can be excessive even by crypto requirements. A lot of the provide of holders at this level is in substantial revenue. But when the Bitcoin chart is any indication of what’s to return, some critical revenue taking might be forward.
Within the comparison under, we’ve got put the 4-hour PEPEUSDC chart up in opposition to the weekly BTCUSD chart. The left chart options two weeks of value motion, whereas the chart on the precise exhibits 4 full years. But they’re extraordinarily related.
Bitcoin versus the frog king of the memes | PEPEUSDC on TradingView.com
The Uncommon Bitcoin Comparability Defined
In accordance with examine of Elliott Wave Principle, markets are fractal and kind self-similar, repeating patterns throughout varied levels of timeframes. Merely put, the identical value motion and habits can seem on an hourly or 4H chart because it does on a a lot greater timeframe.
The examine focuses on mass crowd habits and human psychology, notably the way it can create clearly definable turning factors in monetary markets. The 2 charts trying and behaving so equally might be because of the similar sort of speculative habits.
Importantly, if the comparability is correct for the explanations mentioned, it might point out that Pepe coin is due for some profit-taking and a correction quickly sufficient. After all, the meme coin might be nowhere close to performed and anybody who sells now might be a really, very unhappy frog.
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