Pepe Coin Price Forecast: After A 76% Surge, Is $0.0001 The Next Target?
Release: 2024/05/24 22:14 Reading: 319
Pepe Coin Price Forecast: Frog-Themed Meme Coin Soars
Pepe Coin has witnessed a remarkable surge of 76% over the past four days, reaching an all-time high of $0.00001577. This has propelled its market cap to a new peak of $6 billion. However, the coin's price has since cooled to $0.00001379, according to CoinMarketCap. This represents a 4.3% decline in the past 24 hours but still reflects a 38.9% gain in the past week.
Bullish Momentum Drives PEPE Towards New Highs
Pepe's price consolidated from May 13th to May 21st before erupting in an explosive breakout. This surge was primarily attributed to the approval of the spot Ethereum ETF. As an ERC20 token, this news played a pivotal role in boosting the frog-themed coin's value.
Pepe's price action remains bullish as bulls defend against bears' attempts to drive the price lower. Strong support has emerged around the $0.00001380 level, which has been tested twice. The coin is also forming higher lows and higher highs, indicating a rising uptrend.
Pepe's price is currently above both the 50-day and 200-day simple moving averages (SMAs), further signaling bullish momentum. Key resistance levels to watch as PEPE climbs higher include $0.00001439 and $0.00001576. Above this price, Pepe will enter the price discovery zone.
Conversely, if bears gain control, key support areas lie at $0.00001108 and $0.00000777.
Buying Opportunity for PEPE
Following its impulsive surge, Pepe's price has retraced by 12.55% to its current level of $0.0000137. This correction may present a buying opportunity, as the price could potentially enter an accumulation zone between $0.00001108 and $0.00001300.
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