Pepe Coin Price Prediction After PEPE Doubles In a Week

by

As a seasoned market analyst with over two decades of experience under my belt, I’ve witnessed numerous cryptocurrency trends come and go. The recent surge in Pepe Coin (PEPE) has caught my attention, particularly given its meteoric rise following the Bitcoin rally and the listing on Coinbase.

Following a surge of 100% over the past week due to factors like the Bitcoin uptick and its listing on Coinbase, Pepe Coin’s price has dipped by 6.7% from its record high of $0.00002331 to its current level at $0.00002115. The question remains: how much higher could the PEPE price potentially climb after surpassing its previous all-time high?

Pepe Coin Price on Fire: What’s Driving the Rally?

In the last seven days, the value of PEPE has increased by a remarkable 97%. Over the past fortnight, this growth has been even more impressive, reaching over 135%. This bullish trend continues as market analysts predict that the popular meme currency, PEPE, could climb even higher.

The surge in its value was primarily due to Bitcoin’s price surge, which began on November 5 following Donald Trump’s victory in the U.S presidential elections. On November 14, both Coinbase and Robinhood announced PEPE listings, which fueled the token’s rise even more, surpassing its previous record high price.

The price of Pepe Coin tends to mirror the movements of both Ethereum and Bitcoin, moving alongside them as their prices increased.

These factors combined have caused the price of PEPE to soar.

Short-Term PEPE Price Technical Analysis: Key Levels to Watch

Looking at the PEPE price graph, we see a symmetrical triangle has ruptured upward, indicating a transition from a period of holding back to a bullish movement. This upward spike in price could signify a change from consolidation to growth. Interestingly, the volume during this breakout was considerably higher than normal trading days, implying that investors have been actively purchasing PEPE, thus confirming the validity of the breakout.

In the context of Elliott Wave theory, this latest development could be seen as the commencement of a dynamic, impulsive phase (Wave 3). Such a surge, following a substantial breakout from a period of consolidation, may indicate a possible progression towards higher Fibonacci ratios.

Important levels to monitor in Pepe Coin’s price movement are the potential breakout zone around 0.0000176, serving as an immediate support level, and if it falls below that, the lower trendline support approximately at 0.0000100.

On the way up, PEPE will likely encounter resistance around $0.00002597, $0.0000300 and $0.0000343.

Can PEPE Sustain Its Momentum?

As an analyst, I’m observing a promising trajectory for Pepe Coin based on on-chain metrics. Notably, I’ve noticed a significant bullish engulfing candle during the breakout, which is a clear sign of robust buyer momentum. This pattern often indicates a continuation towards upward movements.

Furthermore, data from IntoTheBlock indicates that investor activity reached its highest point in the last year, as large investors accumulated approximately 4.7 trillion PEPE (equivalent to $101 million) within a two-day span, from November 13 to 14.

Additionally, over the past month, the proportion of whales holding PEPE decreased by 3.48%. In contrast, ordinary investors and retail buyers saw increases of 1.91% and 2.31%, respectively. This shift in ownership is expected to result in a more balanced token distribution, which often precedes upward price trends.

Investor Caution: Is a Correction Coming?

Regardless of the high prices, a closer look at the structure of PEPE tokens unveils an interesting yet potentially troubling detail. According to statistics from Coingecko, Pepe Coin has a total and ultimate supply of 420.69 trillion. Normally, the maximum supply refers to the number of coins that will ever exist, with no more being produced. However, this appears not to be the case with Pepe Coin.

However, Santiment analytics shows the total supply of PEPE has been increasing gradually.

Instead of the anticipated maximum of 420.69 trillion PEPE, Santiment indicates a total circulation of 422.96 trillion PEPE instead. This figure raises concern as it suggests the possibility that the PEPE developer is creating tokens and then selling them on the market.

There has been no official comment from the Pepe developers concerning this anomaly.

Read More

2024-11-15 14:08