With a new all-time high, will PEPE continue its uptrend to reach the $0.000042 level in November?
With the massive rise in the crypto market, meme coins are driving the bull run. The market capitalization of meme coins reached $116.94 billion with a trading volume of $74.12 billion.
The meme coin craze has officially begun as the top meme coins become the top performers in the crypto market. Among the most efficient is PEPE, which jumped almost 100% in 24 hours.
Furthermore, PEPE reached a market capitalization 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, price action indicates a breakout of a bearish channel, signaling a strong recovery. The rally started at $0.000007718 and has now reached a new all-time high. Currently, PEPE is up 204% and trading at $0.00002365.
The bull run surpassed the previous all-time high and the Fibonacci extension level of $1.272 at $0.00002145. The rally was notably marked by nine consecutive bullish candles over the last ten days.
The build-up of 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 surpassing the 200-day SMA soon.
The MACD and signal lines also surged, supported by rising positive histograms, signaling a strong buy signal for PEPE.
Coinbase, Robinhood and Upbit PEPE list
PEPE’s recent price surge has been significantly influenced by its listing on major exchanges such as Coinbase, Robinhood, and Upbit, South Korea’s largest centralized crypto exchange.
These listings have significantly increased the demand and trading volume of meme coins. PEPE’s 24-hour trading volume reached $20.67 billion, surpassing its market cap of $10 billion, resulting in a volume-to-market cap ratio of approximately 2.
Given this, PEPE’s current rally can be considered “speculative”, with the high trading volume and high market capitalization suggesting that price movements could be driven by hype.
Whale holds 1.5 billion PEPE and makes $33 million in profits
A giant whale has recently booked profits as PEPE’s bullish rally gains momentum. The whale had bought 2.01 trillion PEPE tokens using 1.17 thousand ETH tokens worth $2.12 million.
With this $2 million investment, the whale made an estimated profit of $43 million, or a 20% return. Recently, the whale deposited 500 billion PEPE tokens (worth $11.73 million) on Coinbase while holding 1.48 trillion PEPE tokens worth $33.2 million.
As the rally continues, particularly following the listing of PEPE on the main stock exchanges, the whale should maintain its position.
PEPE price targets
Based on Fibonacci levels, the recent breakout above the 1.272 extension level suggests that the next key objective is the 1.618 level, which is priced at $0.000029528.
If the market as a whole continues its bullish momentum, PEPE could potentially reach the $0.000042 level, which represents a 78% price increase from its current market value.
However, a potential retest of the $0.000021 level or psychological support at $0.000020 could occur if the bullish momentum begins to weaken.
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