Pepe Coin price has been rising over the past few weeks as the Cryptocurrency Fear and Greed Index has moved towards the extreme greed zone of 87. The token has climbed to a high of 0 $.00001490, its highest level since June 6, and 2.277% from its lowest level. in 2023. This rally pushed its market capitalization to over $5.7 billion.
Pepe Coin Price Could Climb to ATH
The daily chart shows that Pepe Coin price made a strong bullish breakout after bottoming at $0.000058 in August. It has formed an inverse head and shoulders pattern, which is a popular bullish sign in the market.
The Pepe token has surpassed the 50-day and 100-day exponential moving averages (EMA), a positive sign. It has surpassed the Supertrend indicator, which is a bullish sign in the market.
The Percentage Price Oscillator (PPO) indicator has moved above the zero line, while the Stochastic Oscillator has moved above the overbought level. It surpassed the 23.6% Fibonacci retracement level of $0.00001332.
Pepe Coin jumped over Andrew’s first fork tool holder. Therefore, the token will likely continue to rise as bulls aim for the yearly high of $0.0000172, approximately 25% above the current level.
On the other hand, a fall below key support at $0.000011, its September 29 high, would invalidate the bullish sign.
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Pepe holders fly away
The Pepe token also surged due to continued accumulation among investors. Data by Coincarpe shows that the number of Pepe holders has soared to over 303,907, a record. This number is up from 204,000 recorded during the same period last month.
Pepe futures open interest has also been in a strong uptrend in recent days. Data shows interest soared to more than $214 million on Tuesday, the highest level on record. This is a sign that the token is seeing substantial demand from investors in the futures market. Its 24-hour volume soared to over $7 billion, more than its market cap of over $5.8 billion.
In the meantime, analysts are optimistic about Pepe, with most expecting it to continue to skyrocket in the coming months.
Pepe’s rise to prominence has also coincided with the ongoing meme coin rally. The total market capitalization of all these coins has soared to over $115 billion. Some of the other top coins that have skyrocketed are Dogecoin, Bonk, Neiro, Fwog, and Act I the AI Prophesy.
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