Pepe Coin (PEPE) price, a popular meme coin, is gaining attention as the cryptocurrency market gears up for a potential altcoin rally toward the end of 2024. The recent price action of PEPE suggests that a bullish trend could be forming, sparking hopes of a possible surge. However, the question remains whether PEPE can overcome the current bearish pressure and market corrections to reach a new all-time high (ATH).
Pepe Coin Price Eye 88% Amid Meme Coin Frenzy
Amid the ongoing “meme coin supercycle,” Pepe’s price struggles to sustain its upward momentum. While hype grows, new entrants like MOODENG and NIERO have rapidly gained attention, showcasing significant opportunities in the meme coin space. Pepe could emerge as a key player in this cycle, potentially riding the wave to new highs.
Rapid Holder Growth for Memecoins on Solana & Ethereum.
Memecoin Supercycle is in its early stages.
Buckle up. pic.twitter.com/3GLjvpdBP2
— Murad 💹🧲 (@MustStopMurad) October 8, 2024
The recent surge in meme coin popularity, with emerging tokens like POPCAT capturing attention alongside major players like DOGE and SHIB, highlights the growing market interest in this sector.
Can PEPE Price Rally to New ATH?
The PEPE price has surged 24% in the past month and 10% in the past week after a bullish sentiment spread through the market. However, recent trading activity shows a minor decline of 3.97% in the last 24 hours, bringing its price to $0.00009123.
The Pepe coin price movements have fluctuated between a daily low of $0.0000909 and a high of $0.00009503, reflecting a volatile trading session.
Despite this short-term setback, PEPE remains significantly higher than its all-time low of $0.00002764 from April 2023, marking a remarkable 33114% increase. However, it is still down by 46.56% from its all-time high of $0.00001718 recorded in May 2024, indicating that recovery is still underway.
Pepe’s price is currently encountering resistance around the $0.00001 mark. If buying momentum increases, the top altcoin could target a higher level of $0.00001718.
If the price surpasses the crucial $0.000015 barrier, a stronger rally might follow, potentially setting the stage for a substantial uptrend. This breakout could result in significant gains, possibly an 88% increase from current levels.
The Average Directional Index (ADX) stands at 17.13, signaling that the trend might gain further strength if the level continues to rise.
The whale activity surrounding Pepecoin has notably influenced its price movements throughout 2024. Mid-May saw a sharp increase in PEPE’s price, which aligned with a significant spike in whale transactions exceeding $100,000. This surge points to large investors playing a crucial role in driving the price upward during that period.
With Bitcoin hovering above $60,000 and whale activity driving market dynamics, PEPE could see a significant rally if momentum builds. Reclaiming its ATH may still be within reach, contingent on overcoming key resistance levels.
Frequently Asked Questions (FAQs)
While uncertain, analysts suggest that breaking the $0.000015 resistance could trigger a rally, possibly driving PEPE toward a new ATH if market conditions improve.
Key drivers include the meme coin supercycle, whale transactions, rising interest in the altcoin market, and breaking key resistance levels.
PEPE has surged over 33,000% since hitting its all-time low of $0.00002764 in April 2023.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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