Pepe Coin Surges to New Heights
In the world of meme coins, Pepe (PEPE) has recently established itself as a prominent player by closing above its previous all-time high (ATH) last week. This development confirms a new upward trend for the frog-themed meme coin. With a fully diluted market valuation of approximately $8.8 billion and a daily trading volume of around $4.8 billion, Pepe has experienced a remarkable surge of over 150 percent in the last two weeks. This impressive rally has propelled the coin into an exciting price discovery phase.
After a consolidation period of more than seven months, the price of PEPE is now well-positioned for exponential growth in the months to come. The meme coin industry is anticipated to take the lead in the forthcoming altcoin season, which is expected to be provoked by a significant decline in Bitcoin’s weekly dominance.
Why is PEPE Price Moving Ahead of Others?
As a highly-rated meme coin within the Ethereum ecosystem, Pepe has captured the attention of numerous investors due to its deep liquidity across various decentralized finance (DeFi) protocols. Furthermore, the largest meme coin, Dogecoin (DOGE), recently broke out of a multi-week bearish consolidation, signaling the commencement of another meme season.
The Pepe community received substantial backing last week through listings on top-tier cryptocurrency exchanges, spearheaded by industry giants such as Coinbase Global Inc. (NASDAQ: COIN) and Robinhood Markets Inc. (NASDAQ: HOOD). These listings have significantly contributed to the rising interest and investment in Pepe.
Short Term Target
The current upward momentum of Pepe is reminiscent of a similar surge in February. During that period, the price of PEPE increased more than tenfold within 40 days, climbing from $0.000009 to $0.0001. If history repeats itself, we could witness a price of $0.0009 by December 16, potentially delivering a delightful Christmas gift to investors!
With the shift of Pepe shorts to longs, the macro short squeeze has been strengthened, allowing the Ether-based meme coin to continue its rally. From a technical perspective, the PEPE price may be mirroring a bullish breakout akin to the one observed in February 2024.
If this scenario unfolds, the PEPE price could easily achieve a tenfold increase from the recent bullish breakout, potentially reaching $0.0009. In the 1-hour time frame, Pepe’s price is forming a potential bullish pennant, which could lead to a rally toward 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.
However, traders should remain vigilant for a potential fakeout to the lower end before witnessing a bullish breakout.
