How high can Pepe Coin price climb in 2024?

Pepe Coin Shows Bullish Recovery, Signaling Potential Growth

Pepe (PEPE), the third-largest meme coin, has experienced a notable recovery, surging to $0.000021 on Tuesday. This represents its highest level since November 18, 2023, and an impressive 260% increase from its low point last year.

The surge coincides with Bitcoin (BTC) approaching the crucial $100,000 resistance level, triggering a fear of missing out among crypto investors as the fear and greed index indicates extreme optimism.

On-Chain Data Reveals Whale Activity

On-chain analysis reveals sustained buying activity from Pepe whales. One whale reportedly transferred $2.3 million worth of PEPE from Binance to a private wallet. Data from Llama Feed shows that whales purchased over $10 million worth of PEPE on November 21, 2024.

Trading Volume Surges

Trading volume for PEPE has also spiked, exceeding $5 billion in the past 24 hours. This makes it the second-most traded meme coin after Dogecoin, which recorded $10.2 billion in daily volume.

Bullish Chart Signals

Pepe Coin's chart exhibits robust bullish signals that could drive further gains in the coming months. Firstly, the token has formed a cup and handle pattern, historically considered a bullish indicator. Secondly, PEPE has risen above its 50-day and 200-day Exponential Moving Averages, suggesting bullish momentum. Thirdly, a bullish engulfing candlestick pattern has been observed, often preceding significant price breakouts.

Technical Projections

In this scenario, PEPE is poised to challenge and potentially surpass its recent high of $0.000025, representing a 23% increase from current levels. A break above this level would negate the double-top pattern and suggest further growth.

Technical projections, based on the cup and handle pattern, estimate a potential price target of $0.000045, signifying a potential 110% increase from current levels. However, a drop below the $0.000016 support would invalidate the bullish outlook.