Pepe Coin (PEPE), currently the third-largest meme coin in the crypto space, has recently showcased a remarkable recovery, hitting $0.000021 on November 21, 2024. This surge, representing a phenomenal 260% increase from its lows last year, highlights the growing bullish sentiment surrounding this cryptocurrency as market analysts speculate on its future performance.
One significant factor driving Pepe Coin’s price appreciation is the momentum of Bitcoin (BTC), nearing the coveted $100,000 resistance level. As Bitcoin rallies, it ignites substantial enthusiasm across the crypto community, escalating the fear of missing out (FOMO) among investors. The current sentiment, as evidenced by the fear and greed index reaching 85, indicates a prevailing bullish market attitude.
On-chain data further validates this optimism. Whale traders are actively accumulating Pepe Coin, with notable transactions showcasing major investments. Recently, one whale transferred a staggering $2.3 million worth of PEPE from an exchange to a private wallet, while another striking transaction involved 2 million USDC spent to procure 105.33 billion PEPE in a single move. Such activity not only demonstrates confidence from large holders but also significantly boosts trading volume, which now exceeds $5 billion in 24 hours.
Technical analysis of the Pepe Coin chart reveals several bullish indicators that could propel the price higher in the upcoming months. Notably, a cup and handle pattern has formed, typically foretelling an upward trend. Additionally, PEPE’s position above the 50-day and 200-day Exponential Moving Averages suggests that bullish momentum is firmly in control. A recent development has seen the emergence of a bullish engulfing candlestick pattern, a classic signal for potential price breakouts.
If these upward trends continue, analysts project that Pepe Coin could soon reach its month-high target of $0.000025, an estimated 23% increase from current levels. Should it surpass this threshold, it would invalidate any double-top pattern concerns and pave the way for further gains. By leveraging the distance between the cup’s boundaries, some forecasts suggest that PEPE could soar to around $0.000045, translating to a potential 110% increase. However, a drop below the $0.000016 support level could signal a shift in sentiment and mark a retreat from bullish expectations.
