Pepe (PEPE), a popular meme coin, traded within a set range throughout October, meeting resistance at $0.000010 and finding support at $0.00000084.
With the growing demand for meme coins, PEPE appears poised to break out of this range. Its price could potentially rise to a 60-day high of $0.000012.
Pepe sees an increase in demand
PEPE negotiated within a horizontal framework channel since September 27. This channel forms when the price of an asset moves within a range for a period of time. The upper line of this channel forms resistance, while the lower line represents support.
This sideways movement occurs when a relative balance between buying and selling pressure prevents the price of an asset from moving sharply in one direction or the other.
The outlook for PEPE is changing, aligning with the recent surge in the broader meme coin market. Over the past week, activity in the coin sector has intensified, pushing its market capitalization 19% to $63 billion, the highest level since June.
Learn more: 5 Best Pepe (PEPE) Wallets for Beginners and Experienced Users
On-chain data highlights a sustained increase in demand fueling the PEPE meme coin rally. Data from IntoTheBlock shows a 27% increase in the daily number of new addresses that traded the meme coin over the past seven days. Additionally, during the same period, the number of unique daily active addresses that completed at least one transaction involving PEPE increased by 11%.
When the price of an asset rises alongside an increase in daily active addresses (DAAs) and new addresses, it often indicates increasing network activity and user interest. A combined reading of Rising price and active PEPE address count is a bullish signal that suggests renewed interest in the meme coin.
PEPE’s bullish outlook is further reinforced by its positive weighted sentiment, currently at 0.168 – its highest since May. Weighted sentiment measures general market sentiment, with values above zero indicating mostly positive discussions on social media. This positive sentiment suggests that market participants expect continued price growth.
PEPE Price Prediction: Where Meme Coin Could Be Headed
At the time of going to press, PEPE is trading at $0.0000094approaching the upper limit of its horizontal channel, a key resistance level. With growing demand for the same coin, a breakout above this threshold could be imminent.
If it succeeds in turning the $0.000010 mark into support, it would pave the way for an uptrend towards its 60-day high of $0.000012, ensuring the continuation of the PEPE meme coin rally.
Learn more: Pepe (PEPE) Price Prediction 2024/2025/2030
However, if buying momentum weakens, PEPE risks falling back into its current range, potentially targeting support at $0.0000084. If the bulls fail to defend this level, PEPE could retrace further, targeting the $0.0000070 mark.
Disclaimer
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