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With a new all-time high, will PEPE continue the bull run to reach the $0.000042 level this November?
With a massive surge in the crypto market, meme coins are driving the bull run. The meme coin market cap has reached $116.94 billion with a trading volume of $74.12 billion.
The meme coin craze has officially begun as top meme coins are emerging as the top performers in the crypto market. Among the top performers is PEPE, which has jumped nearly 100% in 24 hours.
Furthermore, PEPE has hit a market cap of $10 billion with a new all-time high of $0.00002567. Will this recovery rally extend to a 78% gain, reaching $0.000042? Let’s take a closer look.
PEPE Price Analysis
On the daily chart, the price action indicates a breakout from a falling channel, signaling a strong recovery rally. The rally began at $0.000007718 and has now reached a new all-time high. Currently, PEPE is up 204% and is trading at $0.00002365.
The bull run has surpassed the previous all-time high and the 1.272 Fibonacci extension level at $0.00002145. Notably, the rally has been marked by nine consecutive bullish candles over the past ten days.
The surge in bullish momentum has led to a golden crossover between the 200-day and 50-day simple moving averages (SMA). Additionally, the 100-day SMA is showing signs of a bullish reversal, potentially crossing above the 200-day SMA soon.
The MACD and signal lines have also surged, supported by a rise in positive histograms, signaling a strong buy signal for PEPE.
Coinbase, Robinhood, and Upbit List PEPE
The recent surge in PEPE’s price has been significantly influenced by its listings on major exchanges such as Coinbase, Robinhood, and Upbit, South Korea’s largest centralized crypto exchange.
These listings have substantially increased the meme coin’s demand and trading volume. PEPE’s 24-hour trading volume has reached $20.67 billion, surpassing its market capitalization of $10 billion, resulting in a volume-to-market cap ratio of approximately 2.
Given this, the current PEPE rally can be seen as “speculative,” with the high trading volume and elevated market cap suggesting that price movements may be driven by hype.
Whale Holds 1.5B PEPE, Sees $33M in Profits
A giant whale has recently booked profit as the bullish rally in PEPE gains momentum. The whale had bought 2.01 trillion PEPE tokens using 1.17K ETH tokens worth $2.12 million.
With this $2 million investment, the whale has earned an estimated $43 million in profits, representing a 20% return. Recently, the whale deposited 500 billion PEPE tokens (worth $11.73 million) onto Coinbase while still holding onto 1.48 trillion PEPE tokens valued at $33.2 million.
As the rally continues, especially following PEPE’s listings on major exchanges, the whale is likely to hold onto its position.
PEPE Price Targets
Based on Fibonacci levels, the recent breakout above the 1.272 extension level suggests the next key target is the 1.618 level, which is priced at $0.000029528.
If the broader market continues its bullish momentum, PEPE could potentially reach the $0.000042 level, representing a 78% price increase from its current market value.
However, a potential retest of the $0.000021 level or the psychological support at $0.000020 could occur if bullish momentum begins to wane.