Since early November, the frog-themed meme coin Pepe has seen solid bullish momentum, with its price revisiting old highs, eventually setting a new all-time high of $0.00002524. Following this rise, the token recorded a monthly gain of 117%, fueled by a massive $5 billion in trading volume and optimistic sentiment surrounding the Bitcoin cryptocurrency.
According to data from TradingView, PEPE price action has attracted traders’ attention as the recent rise marks a recovery after its prolonged consolidation in a descending channel earlier this year. The chart shows that the descending channel has limited the cryptocurrency’s price action for months.
However, the breakout, catalyzed by an 89% weekly gain, pushed PEPE’s value beyond its resistance, triggering a new wave of optimism in the market. This scenario aligns with the altcoin’s historic rallies, where the meme coin surged over 705% after breaking out of a similar descending channel to reach a high of $0.00001083 in the first quarter of this year. With its price now entering uncharted territory, market analysts are predicting possible upward trajectories for PEPE as it continues to build on the momentum from its recent breakout. The question remains: how far can the PEPE cryptocurrency go?
PEPE Price Prediction: Analysts Forecast $50 Billion Market Cap Target
One such example is market expert Max, who believes that PEPE has the potential to become the “Why didn’t I buy it” meme coin of this cycle. According to Max, the token’s market capitalization could reach $50 billion, cementing its place as a key player in the cryptocurrency market.
“In my opinion $PEPE has the highest probability of being that “Why didn’t I buy it” bag cycle.
One day this painting will be finished. #PEPE will have continued to topple the elusive Level 50B MC and the world will be right. I told you then and I tell you again now… there… https://t.co/OrqUqI6X0O pic.twitter.com/47CoLrSB1x
– Max (@MaxBecauseBTC) November 13, 2024
As his analysis highlights, the recent breakout from a “mega-demand” zone strongly reflects the historical price movements of similar coins like DOGE and SHIB, which saw huge gains after similar patterns. Graphical comparisons show parallels between PEPE, DOGE and SHIB, which saw demand increase during critical accumulation phases.
For PEPE, the deviation from the consolidation zone and its subsequent rally signals an explosive growth pattern, with many market participants forecasting a continued upward trajectory as FOMO increases. If this scenario materializes, the market value of the token could settle around the threshold of $0.00014.
Technical indicators suggest decisive bullish sentiment
From a technical point of view, PEPE indicators align with a sustained bullish outlook over the long term. The RSI index, for example, is currently hovering above 70, indicating overbought conditions. While overbought conditions often suggest potential price corrections, historical PEPE price action demonstrates that extended stays in this zone often lead to exponential rallies.
Earlier this year, PEPE’s RSI remained overbought for weeks, leading to a 705% rise. If this behavior repeats, the token could see another major rally, aiming for new all-time highs. The MACD is another key factor, with its MACD line at 0.000001498, above the signal line at 0.000000777, implying a strong positive alignment that supports the continuation of the uptrend. This bullish crossover, accompanied by increasing green histograms, often precedes significant price movements.
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