After hitting an all-time high of $0.00002331, Pepe Coin price corrected by 6.7% and is now trading at $0.00002115. The price of PEPE has doubled in the last 7 days following a combination of events including the Bitcoin rally and the recent listing of the meme coin on the Coinbase exchange. How high can PEPE price skyrocket after breaking the previous all-time high?
Pepe Coin price on fire: what’s driving the rally?
PEPE Price is up 97% over the past 7 days and over 135% over the past two weeks. Price action remains bullish as market observers speculate that the frog-themed meme coin will move higher.
The increase is the result of Bitcoin prices rising from November 5 after Donald Trump won the American presidential elections. November 14, Coinbase and Robinhood PEPE registrations confirmedcausing the token to rise again, breaking its previous all-time high price.
Pepe Coin price also has a strong correlation with Ethereum and Bitcoin and has followed these assets during their rally.
These factors combined caused the price of PEPE to skyrocket.
Short-term PEPE price technical analysis: key levels to watch
The PEPE price chart shows a breakout of an upward symmetrical triangle, signifying the transition from a consolidation phase to an uptrend. Volume at the breakout was significantly higher than in previous sessions, suggesting that buyers entered the market aggressively, thus validating the breakout.
The current move can be seen as the start of an impulsive wave (wave 3) in the Elliott Wave theory, considering the strong breakout from consolidation. This suggests a potential continuation towards higher Fibonacci levels.
Key levels to watch on Pepe Coin price action include the breakout point around 0.0000176 which represents immediate support, and below that, lower trendline support near $0.0000100.
On the upside, PEPE will likely encounter resistance around $0.00002597, $0.0000300, and $0.0000343.
Can PEPE maintain its momentum?
On-chain metrics suggest that the price of Pepe Coin is bound to rise. But first, the large bullish engulfing candle spotted on the breakout indicates strong buyer momentum. This generally signals a continuation higher.
In addition, the data from In the block (ITB) shows that buyer activity reached its highest level in a year, with large investors adding 4.7 trillion PEPE ($101 million) between November 13-14.
Additionally, the percentage of whales on PEPE fell by 3.48% last month, while normal investors and individuals increased by 1.91% and 2.31%, respectively. This reallocation will lead to a healthy token distribution which is generally an introduction to higher price movements.
Attention investors: is a correction coming?
Despite the price surge, a deeper analysis of PEPE tokenomics reveals a somewhat worrying finding. According to Coingecko data, Pepe Coin has a total and maximum supply of $420.69 trillion. The maximum supply is supposed to be the number of coins that will exist and no more.
However, Sentiment analysis shows that the total supply of PEPE has gradually increased.
As opposed to the expected maximum supply of 420.69 trillion PEPE, Santiment shows that there is a total of 422.96 trillion PEPE. This is concerning because it suggests, among other things, that the PEPE developer is creating tokens and marketing them on the market.
There has been no official comment from Pepe developers regarding this anomaly.
Frequently Asked Questions (FAQ)
Pepe Coin’s price has surged 97% over the past week, thanks to Bitcoin’s rally and a new listing on Coinbase. Positive market sentiment boosted PEPE, pushing it beyond its previous all-time high.
A large bullish engulfing candle and increased volume suggest that PEPE may continue its bullish momentum.
Yes, a potential risk exists. PEPE’s total supply would have increased beyond its maximum supply of 420.69 trillion. This suggests a possible strike by developers, raising concerns about a drop in supply and a price correction.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the gaming industry. His extensive experience includes working with various startups to deliver insightful, high-quality analytics that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across various industries. Outside of his professional activities, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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