Top analyst Ali Martinez drops a bullish outlook for PEPE, highlighting some take-profit targets and an invalidation mark to watch.
Amid the mild recovery in the crypto market today, PEPE witnessed an impressive price surge. Accordingly, the popular memecoin posted a double-digit gain within 24 hours.
This recent price activity has attracted several market participants and traders to the memecoin, with some analysts opting to share their bullish expectations for Pepecoin. One such analyst is Ali Martinez, who shared his projections for PEPE’s price today.
$PEPE looks ready to pump!
The TD Sequential presented a buy signal on the daily chart, with the first target at $0.00000138. A sustained close above this level could propel #PEPE to $0.00000159.
Keep an eye on invalidation at $0.00000113! pic.twitter.com/MyUalfGG4u
— Ali (@ali_charts) August 9, 2023
Based on his analysis, PEPE could see another leg up in the coming days or weeks. Citing the TD Sequential, the expert chartist noted that “PEPE looks ready to pump.”
The TD Sequential is a method used to detect potential shifts in trends by examining sequences of price bars. It aids traders in identifying possible points for market reversal or continuation.
Martinez added that the indicator signified a buying opportunity when viewed in the one-day timeframe. Consequently, the pseudonymous analyst drew attention to two price targets investors could close their trades.
According to Martinez, PEPE could push higher to the $0.00000138 level from its current price if investors stay bullish on the asset. This translates into a 10.4% increase from its current price of $0.00000125.
Should the buying pressure on Pepecoin continue, he submitted that PEPE could rally to the $0.00000159 price territory. Hitting this price would require a 27% rally. Nonetheless, the expert chartist noted that PEPE could plunge if the $0.00000113 support fails to hold.
PEPE in the Market
PEPE joined the top market performers today, surging by over 12% at press time.
Despite exchanging hands at $0.00000125 at the time of writing, PEPE shows a slight increase of 1.43% in the past seven days. Notably, its market cap rose substantially, surpassing $223 million as investors traded over 178 trillion PEPE tokens within 24 hours.