Pepe coin is currently the most talked about asset in the crypto market. The less than a month old meme token has nothing to do with Bitcoin at all, but shockingly shows almost exact price patterns.
Don’t miss this incredible and unusual chart comparison between BTCUSD and PEPEUSDC.
A brief summary of Pepe Coin and its runaway crypto success
Pepe coin is one of the biggest new meme coins, which led to a huge wave of more kinds of meme tokens. If you couldn’t tell from the name, just as Dogecoin is associated with the Doge meme, it features the Matt Furie-created Pepe the Frog.
Anyone who’s invested in Pepe mint over the past few weeks is feeling good, man. That’s because it has increased in value by more than 2,500% in 14 days — figures that are high even by crypto standards. Most of the holders’ supply right now is in significant profit. But if the Bitcoin chart is any indication of things to come, serious profit-taking may lie ahead.
In the comparison below we have compared the 4-hour PEPEUSDC chart to the weekly BTCUSD chart. The chart on the left shows two weeks of price action, while the chart on the right shows four full years. Yet they are very similar.
Bitcoin versus the frog king of the memes | PEPEUSDC on TradingView.com
The Unusual Bitcoin Comparison Explained
According to study by Elliott Wave Principle, markets are fractal and form self-similar, repeating patterns over different time periods. Simply put, the same price action and behavior can appear on an hourly or 4H chart as they would on a much higher time frame.
The study focuses on mass crowd behavior and human psychology, particularly how it can create clearly definable turning points in financial markets. The two charts that look and behave so similar could be due to the same kind of speculative behavior.
Importantly, if the comparison is accurate for the reasons discussed, it could indicate that Pepe coins need to take profits fast enough and correct quickly. Of course, the meme coin may be far from finished and anyone selling now may be a very, very sad frog.
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Like = Soon 🐸— NewsBTC (@newsbtc) May 2, 2023
