How high can Pepe Coin price climb in 2024?
Release: 2024/11/21 22:24 Reading: 662
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.
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