PEPE Primed for a 50% Upswing While Memecoin Mania Fades—Can PEPE Surpass SHIB in the Coming Days?
Release: 2024/12/09 15:09 Reading: 622
PEPE Surges to New All-Time High, Poised for Further Growth
PEPE recently reached a new all-time high of $0.00002717 during early trading hours, breaking through a crucial resistance zone. This achievement has propelled the token's market capitalization over $11 billion, surpassing giants like Litecoin.
Despite a slight dip in trading volume, PEPE's bullish momentum is expected to continue and push the price above $0.00004 in the near future.
As the third-largest memecoin by market capitalization, PEPE has recently marked a significant milestone by breaking through a bull flag pattern. This breakout has attracted some bearish attention, leading to a marginal price decline. However, analysts anticipate a strong bullish recovery, similar to the 70% surge seen in May 2024.
PEPE's current price action suggests a continuation of the rally, with a potential target of $0.00004 within the first few days of 2025.
The token's price rally has followed a consistent pattern, with regular intervals of new highs. The current setup mirrors the mid-Q2 rally, where the price surged above a resistance zone and experienced a brief retracement before gaining over 70%.
Technical indicators support the retracement narrative, as the Ichimoku Cloud's base and conversion lines indicate a potential bearish crossover. However, the RSI remains near the upper threshold, signaling potential for bullish continuation.
The current trade period until the weekend is crucial, as it could provide insights into the subsequent price action. A retracement could lead to a 75% surge, setting a new all-time high above $0.00004. Alternatively, a bullish continuation could exhaust buyers, causing a temporary slowdown before reaching the upper target.
PEPE's price rally has positioned the token as a contender for the second-largest memecoin, surpassing Shiba Inu. With a trading volume of $7.5 billion compared to SHIB's $2.5 billion, this transition seems imminent.
Both short-term and long-term charts suggest that PEPE may soon enter a pre-Christmas rally, driving the price into a potential discovery phase for an extended period.
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