Pepe price has remained in a deep bear market after slipping by almost 25% from its highest level this year. The coin was trading at $0.00001930 on Tuesday morning after dropping for four consecutive days. It is still one of the best-performing meme coins as it jumped by 1,740% from its lowest level in 2023.
Can Pepe flip Shiba Inu?
Pepe has become one of the most popular meme coins in the industry this year in terms of volume. Data by CoinGecko shows that the coin’s 24-hour volume was $3.7 billion, second only to Dogecoin, which had $10.6 billion.
Some analysts believe that Pepe can flip Shiba Inu in the ongoing bullish cycle. For that to happen, Pepe, which has a market cap of $8 billion, would need to almost double to get to Shiba Inu’s $15 billion.
That price action is possible since Pepe has a long track record of doing better than Shiba Inu. Its price has jumped by 6,500% since its inception in 2022, while Shiba Inu has jumped by just 150% in the same period. In this period, Pepe’s market cap has jumped from over $108 million to $8 billion today.
The same situation is happening this year as Pepe has risen by 1,400%, while Shiba Inu has risen by just 140%. As such, all factors held constant, and the trend continues in the coming months, chances of Pepe flipping Shiba Inu cannot be ruled out.
Pepe price has strong technicals
The daily chart shows that the price of Pepe has more upside in the coming weeks. First, the coin has formed a cup and handle pattern, a popular continuation sign. This pattern is characterized by a rounded bottom followed by some consolidation.
The profit target is usually estimated by measuring the distance between the lower and upper side of the cup. You then measure the same distance from the upper side of the cup, which brings the immediate profit target at $0.000010.
Another positive side is that Pepe price has formed a bullish pennant pattern, which is made up of a long vertical line and a symmetrical triangle pattern. With this triangle nearing its confluence level, there are signs that the coin will have a bullish breakout in the coming weeks.
A move to the price target at $0.000028 will be validated if the Pepe price jumps above the year-to-date high of $0.00002565. A drop below the support at $0.00001713 will invalidate the bullish view.
Read more: Pepe Beats Shiba Inu in Key Areas: Is PEPE Coin About to Surge?
