Crypto analyst, the Composite Trader, has highlighted PEPE’s TCT model distribution, which hints at a massive rally for the meme coin. The analyst also alluded to Bitcoin’s price action to explain why there is a massive opportunity at the current levels.
PEPE’s TCT Model Distribution Points To Rally To $0.004
In an X post, the Composite Trader shared an accompanying chart showing that PEPE could rally to $0.004, the TCT model distribution point. The chart also showed that the meme coin could then drop to $0.0038 after this rally. The analyst also commented on the current price action, noting how the meme coin may have formed a naked low.
The Composite Trader explained that when an altcoin puts in a naked low, it lacks the accumulative strength that is needed to deliver a sustainable reversal. As such, the focus is to monitor for deviations of the swing highs for potential bearish reversal setups. He added that the meme coin may be setting up for an extremely high-quality contextual environment for bearish reversals.
He stated that this is a possibility when the move up also creates high-quality exhaustion, with price taking the high while leaving all the lows intact. The Composite Trader also alluded to other major cryptos, like Bitcoin, and where they are currently trading, which creates a high-probability environment for massive TCT opportunities.
Commenting on his accompanying chart, he noted that this prediction is not a ‘must-happen’ scenario but that he is just following the price action on the lower timeframe and waiting for high-quality confirmations before deciding whether to go long or short. The analyst added that PEPE can always search for swing highs higher before reversing to the downside.
Days Away From A Massive Move
Crypto analyst Sweep stated that PEPE is days away from a massive move, with his accompanying chart indicating that the meme coin has already bottomed. However, the analyst didn’t provide a target for how high it could reach on this move to the upside. It is worth noting that the crypto market is already rebounding amid optimism that the U.S.-Iran war could end soon.
A positive for meme coin is that crypto whales are accumulating the meme coin, likely in anticipation of a rally to the upside. On-chain analytics platform Lookonchain revealed that a particular crypto whale withdrew 800 billion PEPE, worth $3 million, from crypto exchange Coinbase. This whale is said to have withdrawn 600 billion PEPE, worth $7.32 million at the time, but is now down $5 million on their holdings.
At the time of writing, the PEPE price is trading at around $0.000003764, down almost 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
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