Analyst Davie Satoshi noted that over the past two days, the popular meme coin, PEPE, has printed two of its longest green candles in history. This remarkable performance has led to speculation that an ultra-god candle may be on the horizon, signaling a potential surge in price.
If you look at the last two days, $PEPE has printed two of its longest GREEN candle in history. I think there is a potential that the ultra-god candle is coming soon!! pic.twitter.com/alOyjPFKnj
— davie satoshi (@NFTdavie) May 22, 2024
Fibonacci Extensions Provide Clear Roadmap
BecauseBTC CEO has identified and confirmed Pepe’s Fibonacci extensions, which provide a clear roadmap for the remainder of the cycle. The chart reveals clear interaction at each level, beginning with the initial range and now the 1.618 extension. Pepe rejected the 1.618 level numerous times before finally flipping it, leading to a major bounce following a retest.
While some critics attribute Pepe’s recent success solely to the potential approval of an Ethereum ETF, BecauseBitcoin CEO argues that the price action was always in the chart and that there is no such thing as a coincidence.
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By comparing Pepe’s chart to that of Solana ($SOL) from the previous cycle, the CEO demonstrates how price interacts with Fibonacci extensions while in price discovery.
Smart Traders Capitalize on Pepe’s Rise
Lookonchain has reported that a smart trader deposited 201.85 billion $PEPE (worth $2.83 million) to Bybit to take profits. This trader has traded $PEPE three times, achieving a 100% win rate and a total profit of approximately $2.48 million.
A smart trader deposited 201.85B $PEPE($2.83M) to #Bybit to take profits.This trader has traded $PEPE 3 times and made money every time, with a win rate of 100%, and the total profit is ~$2.48M.https://t.co/Ww3YY4asNI pic.twitter.com/tQhTSGwh80
— Lookonchain (@lookonchain) May 22, 2024
In another tweet, Lookonchain highlighted the success of an early Pepe buyer who deposited all 182.9 billion $PEPE (worth $2.53 million) into Binance few hours ago. This investor initially spent 0.22 $ETH ($462) to purchase 324.9 billion $PEPE on April 15, 2023, and sold it all for $3.4 million, turning $462 into a $3.4 million – a gain of 7,368x.
The potential for further growth for PEPE remains strong. The recent green candles and the confirmation of Fibonacci extensions provide a solid foundation for the meme coin’s future price action.
Read more: Top Analyst Says DOT Price Target is ‘Likely’ $18 Amid Polkadot 2.0 Release and These Catalysts
BecauseBitcoin CEO, who has been fully deployed in Pepe since the bear market lows and hasn’t sold a single token, encourages investors to remember who attempted to spread fear, uncertainty, and doubt (FUD) over the past weekend and who advised them to remain calm and hold their positions.
Pepe Coin’s impressive performance and the potential for an ultra-god candle have positioned the meme coin as a strong contender in the current cryptocurrency market cycle.
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The post Pepe Coin Poised for an Ultra-God Candle as Fibonacci Extensions Confirm Further Upside For the Meme Coin appeared first on CaptainAltcoin.