Can Pepe Coin Price Quadruple as Volume Hits 8 Month High?

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As a seasoned analyst with over two decades of experience in the cryptocurrency market, I’ve seen my fair share of meme coins that have burst onto the scene and then fizzled out just as quickly. However, Pepe Coin seems to be an exception to this rule, given its recent surge in popularity and trading volume.

Following a surge past its previous record high, Pepe Coin is poised for additional growth according to market sentiment. The frog-themed meme coin has seen a significant increase in bullishness among traders, particularly due to an impressive 8-month high in weekly trading volume. With volatility on the rise, there’s speculation that PEPE‘s price could potentially surge by approximately 280%.

Pepe Coin Price Targets 4X As Trading Volume Soars

As an analyst, I’ve been monitoring the PEPE cryptocurrency, and according to data from Coingecko, its current trading price stands at $0.00002012. The trading volume is impressively high, surpassing $5 billion. However, over the past 24 hours, there’s been an 11% dip in PEPE’s value, which might be attributed to traders cashing out their profits and reallocating liquidity towards lower-cap assets.

Even with a decline, the Tradingview volume indicator reveals that PEPE’s weekly trading volume has reached an 8-month peak. In the past when we saw such high trading volumes, the price of Pepe Coin skyrocketed to over 1,000%!

It’s possible that this growth can be linked back to PEPE being recently listed on both Coinbase and Robinhood. These events have drawn attention to the meme coin, leading to a rise in its appeal among investors.

According to on-chain analysis provider Santiment, the social buzz surrounding the token PEPE consistently ranked among the highest (Top 10) from November 13th to 15th. Interestingly, this period of heightened interest corresponded with a significant increase in prices over those three days.

Increased volume has made it easier for the recent price surge to exceed an important consolidation pattern, hinting that the PEPE price could potentially rise by as much as 280%.

Technical Analysis: Will PEPE Price Soar 280%?

Over the past week, the PEPE price graph indicates that the asset has been moving within a large upwardly sloping channel since May 2023, suggesting a positive or bullish trend. On the 4-hour chart, the Pepe Coin’s price movements exhibit a concealed bullish divergence, a pattern that typically results in an increase in value.

The optimistic outlook for PEPE’s price is supported by a developing bullish pattern, specifically a small four-hour bull flag. If PEPE’s price surpasses this bull flag, it could potentially trigger a 91% surge, taking its value to $0.00004. Given the ascending trendline from the weekly chart, the subsequent significant resistance level following $0.00004 is at $0.00008468, which represents approximately 2.8 times the current price.

Can Pepe Coin Sustain Momentum for a Multi-Fold Surge?

The cost of Pepe Coin is expected to surge approximately 280% in the near future, as the cryptocurrency market continues its upward trend. Moreover, Tether Corporation has recently produced $2 billion in the last day and transferred it to trading platforms, potentially signaling a forthcoming price increase. This influx of liquidity may amplify the PEPE price by over 270%, given that the excitement from Coinbase and Robinhood listings remains high.

In a recent tweet, Elon Musk shared a post featuring Pepe the Frog, leading to a slight surge in the value of PEPE due to enthusiastic promotion by the community. Since Pepe the Frog is the symbol of the PEPE community, Musk’s interaction and recognition has influenced the coin’s price increase.

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2024-11-19 17:21