PEPE Coin Hits New ATH Moving Closer to SHIB in Rankings
Release: 2024/12/09 18:24 Reading: 846
PEPE Coin Surges to ATH, Surpasses Major Cryptocurrencies
PEPE Coin has established a new all-time high (ATH) of $0.00002748, marking a remarkable 140% growth over the past 30 days. This surge has propelled PEPE's market capitalization to $11.15 billion, surpassing the likes of Litecoin (LTC) and Uniswap (UNI).
As the third-largest memecoin in the cryptocurrency market, PEPE has capitalized on the ongoing bull run to achieve this milestone. According to CoinMarketCap data, it reached its ATH four hours prior to the time of writing.
Despite trailing behind Dogecoin and Shiba Inu in market cap, PEPE remains the third-largest memecoin. Analysts speculate that it could potentially overtake SHIB, although this remains an uphill battle.
The global crypto market has been experiencing a strong rally, largely driven by Bitcoin's impressive performance above the $103K zone. Ethereum's recent price breakout, reclaiming the $4K mark, has also boosted the entire crypto ecosystem. This momentum has positively impacted Ethereum-based tokens, including memecoins like PEPE, Shiba Inu (SHIB), and Dogwifhat (WIF).
PEPE's Bullish Outlook and Price Target
PEPE's rapid ascent has garnered considerable attention, with analysts predicting continued bullish momentum. Some speculate that PEPE could potentially reach the $1 milestone by 2025, although this remains a distant target from its current ATH.
Since its launch in April 2023, PEPE has experienced a staggering 46,373% increase. Coinglass data reveals that its open interest has reached a new high of $369.91 million, with a 10% rise over the last 24 hours.
PEPE currently follows an ascending channel with higher highs and lows, indicating a bullish trend between two parallel trend lines. Its price is expected to trade within a bullish range with continued buying pressure. Additionally, PEPE's strong bullish momentum, reflected in its RSI of 71 and a CMF of 0.18, has analysts optimistic about its future.
However, with signs of overbought conditions, PEPE is anticipated to face resistance soon. TheNewsCrypto analysts have set a bullish price target of $0.00003600 for the token by the end of the year.
Disclaimer: The opinions expressed in this article are solely the author's and do not constitute investment advice. TheNewsCrypto team encourages readers to conduct their own research before investing.
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