PEPE Price Prediction: What’s Next After the 107% Rally Over the Past Month?

Popular memecoin Pepe (PEPE), which has gained over 107% in the last 30 days and is currently trading at about $0.000019, has shown strong

Written by: Arslan Butt • Friday, November 29, 2024 • 2 min read

• Last updated: Friday, November 29, 2024

PEPE Price Prediction: What's Next After the 107% Rally Over the Past Month?

Popular memecoin Pepe (PEPE), which has gained over 107% in the last 30 days and is currently trading at about $0.000019, has shown strong price momentum.

PEPE Whale Activity and Market Sentiment

Recent on-chain data reveals interesting whale behavior. A notable whale may have indicated long-term holding tactics when it withdrew 150 billion PEPE tokens, valued at $2.94 million, from Binance. This movement indicates that major token holders are confident.

The coin ranks second among memecoins, only behind Dogecoin, with an astonishing $4 billion in 24-hour trading volume. Significant market interest and liquidity are indicated by this high trade volume.

PEPE/USD Technical Analysis and Market Performance

Strong technical indicators for the cryptocurrency point to possible further increase in December. Numerous bullish chart patterns have been recognized by analysts, including:

Cup and Handle Formation: Pepe created a traditional cup and handle pattern from May to November, with a breakout at $0.00001717. Based on this pattern, technical analysts project a possible price objective of $0.000028.
Falling Wedge Pattern: When the converging trendlines are about to intersect, the coin has formed a falling wedge pattern, which usually indicates a powerful bullish breakout.
Break and Retest Signal: On November 26, Pepe formed a promising morning star candlestick pattern after successfully breaking above its key resistance level and retesting it.

Even while the mood is bullish overall, there are a few technical indicators that need close attention:

The Chaikin Money Flow (CMF) has declined, showing potential seller dominance
The Average Directional Index (ADX) indicates strengthening downward momentum
The Network Value to Transactions (NVT) Ratio has spiked, suggesting potential overvaluation

PEPE Price Prediction

Pepe may be in an accumulating phase, according to cryptocurrency specialists like the Wyckoff Insider, which might pave the way for a huge markup. A bullish prognosis is further supported by the coin’s capacity to hold positions above the 50-day moving average.

We recommend keeping an eye on the $0.000016 level because a decline below it could render the current bullish scenario meaningless. Whether the coin can maintain its current strong increases and possibly hit the anticipated $0.000028 target will depend heavily on its performance in December. Because of their inherent volatility, cryptocurrencies require cautious risk management.