Crypto prices pulled back this week as Bitcoin remained below $106,000, bringing the total market capitalization to $3.3 trillion. The retreat continued after the US published a weak jobs report and services PMI numbers. This article provides the forecast for Pepe and Kaspa, and highlights Bitcoin Pepe (BPEP), a new viral coin that is firing on all cylinders.
Pepe Price is on the Cusp of a Rebound
Pepe, the third-biggest meme coin on the Ethereum network, has plunged in the past few days as the recent recovery lost momentum. It has dropped from a high of $0.00001622 in May to $0.000012 today.
The coin is slowly forming a cup-and-handle pattern, with its upper side at $0.0000162, the 50% retracement level. The lowest point is at $0.000005298, which occurred in March. A C&H is a popular continuation sign that leads to more gains over time.
In this case, the pattern has a depth of 67%. Measuring the same distance from the cup’s upper side brings the price target to $0.00002712, close to its all-time high of $0.000028. A move to that target would imply a 125% increase above the current level.
Further supporting the bullish view is that the coin has formed a golden cross pattern as the 50-day and 200-day moving averages have crossed each other. This pattern often leads to more gains over time.
READ MORE: XRP Price Prediction: Can Ripple Turn $1K to $10K by 2030?
Kaspa Price at Risk of Further Downside
The daily chart reveals that the KAS price formed a head and shoulders pattern, with its upper side at $0.2080, its highest point in August 2024. Its shoulders were at $0.1885, and the neckline was at $0.1012. An H&S pattern often leads to more downside over time.
After breaking down below the neckline, the coin retested it and moved to a high of $0.13. It has now moved below the 50-day and 200-day Exponential Moving Averages, a sign that bears are in control.
Therefore, the most likely scenario is one where the coin experiences a strong bearish breakdown, with the next key point to watch being at $0.0527, its lowest point this year.
Bitcoin Pepe Goes Viral, Raises $13.7M
Meanwhile, Bitcoin Pepe, a recently viral crypto project, has raised over $13.7 million. It has become one of the most popular pre-sale coins in the cryptocurrency industry due to its ambitious goal.
Bitcoin Pepe wants to replicate Solana’s success on the Bitcoin network. Solana has become a $80 billion juggernaut due to its meme coin ecosystem.
Implementing such a system on Bitcoin is impossible since it does not have smart contract features. Therefore, Bitcoin Pepe is working on a layer-2 network on Bitcoin that is similar to Stacks and Core. The end goal is to have the biggest layer-2 focused on meme coins.
Recent data indicate a growing demand for Bitcoin solutions. DeFi Llama data shows that Bitcoin has a total value locked (TVL) of almost $9 billion and is one of the fastest-growing chains in the industry.
The next big catalyst for the Bitcoin Pepe token will come out on June 17, when the developers will reveal the exchange listing date. They have promised that the token will be listed by top tier-1 exchanges, which may propel its price higher.
