PEPE, the frog-themed meme coin, has caught the attention of crypto traders again with a 4% surge this Saturday. This rise has many investors excited, wondering if the coin could keep climbing and reach its highs from earlier in June 2024. In this PEPE Price Prediction article, we’ll look into what’s driving PEPE’s recent rally, what could happen next, and what this means for those looking to invest in the popular meme coin.
How has the PEPE Price Moved Recently?
PEPE/USD Daily chart- TradingView
Pepe Coin is currently valued at $0.00001095, with a 24-hour trading volume of $1.28 billion, a market cap of $4.61 billion, and a market share of 0.20%. Over the past day, the price of PEPE has gone up by 1.97%.
The coin hit its peak price on May 27, 2024, reaching an all-time high of $0.00001717. In contrast, its lowest recorded value was on April 14, 2023, at $0.00000000001057. Since then, the lowest it has dropped from its ATH was $0.000005910 (cycle low), and the highest rebound since that point was $0.00001152 (cycle high). At the moment, market sentiment for PEPE is bullish, and the Fear & Greed Index stands at 64, indicating a ‘Greed’ mood in the market.
Currently, Pepe Coin has a circulating supply of 420.69 trillion PEPE, which is also its maximum supply.
Why PEPE Price is Rising?
PEPE/USD Daily Chart- TradingView
PEPE’s recent price rise can be linked to multiple factors, with the release of Changpeng Zhao (CZ) from prison serving as a key catalyst. CZ, being a prominent figure in the crypto world as Binance’s CEO, positively influences market sentiment, which traders view as a sign of stability and growth for the wider crypto sector.
The impact is apparent, as Binance Coin (BNB) soared past $600 for the first time since mid-July, sparking bullish activity across the market, especially among meme coins like PEPE.
However, CZ’s release is not the only reason for PEPE’s upward momentum. The meme coin sector has seen renewed energy, with Shiba Inu experiencing a significant 21% surge on Thursday, setting the stage for a broader meme coin rally.
PEPE has led the charge, climbing 4.45% on Saturday, demonstrating a strong breakout from its multi-month downward trend. Currently trading at $0.00001118, PEPE has shown resilience, and its potential for further growth remains high.
In terms of predictive analysis, PEPE is on track to climb an additional 18.74%, reaching the lower boundary of the Fair Value Gap (FVG) between $0.00001323 and $0.00001421. This optimistic outlook is reinforced by the technical resistance level at $0.00001169, a significant barrier that has influenced price movements throughout August and early September. Should PEPE manage to overcome this resistance, it could indicate a substantial upward movement.
The Moving Average Convergence Divergence (MACD) indicator signals underlying strength, with taller green histogram bars showing increased positive momentum. If PEPE maintains its current trajectory and breaks through key resistance levels, it has the potential to reach its June peak of $0.00001577. The combination of strong market sentiment, technical breakout patterns, and sector-wide momentum positions PEPE for a potential surge in the coming weeks.
How high can PEPE Price go?
PEPE has demonstrated remarkable growth over the past year, with an impressive 1,304% price increase, far outperforming the majority of the top 100 cryptocurrencies. This rapid rise not only puts PEPE in the spotlight but also shows that the coin has outperformed major assets like Bitcoin and Ethereum.
Given these trends and its performance above the 200-day simple moving average (SMA), PEPE showcases strong bullish signals that indicate potential for further price increases.
One of the key factors fueling PEPE’s upward potential is its trading performance in recent weeks. With 18 green days in the last 30 (a 60% rate), the coin is demonstrating steady positive momentum. This sustained growth and trading near its cycle high suggest that PEPE is well-positioned to break key resistance levels.
If the frog-themed token maintains this momentum, it could potentially breach the lower boundary of the Fair Value Gap (FVG) between $0.00001323 and $0.00001421. Such a move would represent an additional 18.74% gain from current levels, confirming its continued upward trajectory.
Moreover, PEPE’s high liquidity based on its market cap adds another layer of support to its bullish case. High liquidity often leads to smoother price movements, reducing the chances of extreme volatility and increasing the likelihood of sustained gains.
Coupled with its historical performance, where it has outperformed 96% of the top 100 crypto assets over the past year, PEPE’s price action shows resilience and potential for further growth.
The technical indicators support this bullish sentiment. Trading above the 200-day SMA is a critical sign that PEPE remains in an overall upward trend, with the MACD showing stronger positive momentum through taller green histogram bars.
If PEPE continues to hold its gains and breaks past its current resistance at $0.00001169, it could move closer to its June peak of $0.00001577. In an even more bullish scenario, if it surpasses this peak, PEPE may establish new highs as long as market conditions remain favorable and sentiment continues to back meme coins.
With these factors combined—significant year-on-year growth, superior performance compared to major cryptos, sustained trading momentum, and favorable technical indicators—PEPE has the potential to reach new highs. If the current trend persists, PEPE could break past the FVG target and, in the longer term, potentially target the June peak or even higher price levels.
