In recent weeks, the frog-themed meme coin, Pepe (PEPE), has garnered significant attention from investors and traders alike. Surpassing its previous all-time high (ATH), PEPE has established a robust upward trend, captivating the crypto community. This mid-cap meme coin, boasting a fully diluted valuation of approximately $8.8 billion and a daily trading volume nearing $4.8 billion, has experienced an impressive rally of over 150% in the last two weeks. This surge marks the beginning of its much-anticipated price discovery phase.
After a consolidation period of more than seven months, PEPE’s price is now positioned to soar exponentially in the coming months. The meme coin industry, including PEPE, is poised to lead the charge in the upcoming altcoin season. This shift is anticipated to be driven by a significant reduction in Bitcoin’s weekly dominance.
Why is PEPE Price Moving Ahead of Others?
PEPE, as a prominent meme coin within the Ethereum ecosystem, has benefited from deep liquidity across various decentralized finance (DeFi) protocols. This has attracted a growing number of investors, especially following the breakout of Dogecoin (DOGE) from a prolonged bearish consolidation. The resurgence of DOGE signals the beginning of another meme coin season, contributing to PEPE’s rising popularity.
Further bolstering PEPE’s momentum, the community celebrated significant support from listings on top-tier cryptocurrency exchanges, notably Coinbase Global Inc. (NASDAQ: COIN) and Robinhood Markets Inc. (NASDAQ: HOOD). These listings have enhanced PEPE’s visibility and accessibility, drawing more investors into its fold.
Short Term Target
The recent upward movement of PEPE mirrors the rally observed in February. During that period, the price of $PEPE soared more than tenfold in just 40 days, climbing from $0.000009 to $0.0001. If this pattern recurs, we could potentially witness PEPE reaching $0.0009 by December 16, providing a remarkable holiday season gift for investors.
With the transition of PEPE shorts to longs, the macro short squeeze has intensified, setting the stage for continued upward momentum. From a technical analysis perspective, the PEPE price appears to be following a similar bullish breakout as seen in February 2024. Should this scenario unfold, PEPE’s price could experience a tenfold increase from its recent bullish breakout, potentially reaching $0.0009.
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On the 1-hour time frame, PEPE’s price has been forming a potential bullish pennant, which could lead to a rally towards a new ATH. Additionally, the weekly Relative Strength Index (RSI) has surged above the 70 percent level for the first time since May this year, indicating strong bullish momentum. However, PEPE traders should remain vigilant for a possible fakeout to the lower end before a definitive bullish breakout.
