Pepe coin is essentially 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 actual worth patterns.
Don’t miss this unbelievable and weird 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. Should 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 come back, some critical revenue taking could possibly be forward.
Within the comparison under, now we have put the 4-hour PEPEUSDC chart up towards the weekly BTCUSD chart. The left chart options two weeks of worth motion, whereas the chart on the precise reveals 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 line with research of Elliott Wave Principle, markets are fractal and kind self-similar, repeating patterns throughout varied levels of timeframes. Merely put, the identical worth motion and conduct can seem on an hourly or 4H chart because it does on a a lot larger timeframe.
The research focuses on mass crowd conduct and human psychology, significantly the way it can create clearly definable turning factors in monetary markets. The 2 charts wanting and behaving so equally could possibly be as a result of similar sort of speculative conduct.
Importantly, if the comparability is correct for the explanations mentioned, it may point out that Pepe coin is due for some profit-taking and a correction quickly sufficient. In fact, the meme coin could possibly be nowhere close to performed and anybody who sells now could possibly be a really, very unhappy frog.
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