The post Is PEPE coin ready to break its ATH? Key shifts that could block its path appeared on BitcoinEthereumNews.com.

PEPE coin has reached a significant milestone in this bull cycle, posting a new ATH of $0.00002524. However, an ongoing market shift could threaten its momentum, limiting further gains. Compared to the last cycle, the nature of capital flowing out of Bitcoin [BTC] has shifted. Unlike crypto exchange users, institutional investors and ETF buyers seem uninterested in rotating their assets into memecoins, leaving them at the bottom of the chart. Pepe [PEPE] coin has also struggled, posting a nearly 7% weekly decline. While this may seem minor, the contrast in capital influx is stark when compared to altcoins. Yet, this may just be a ‘temporary’ blip, not a permanent trend. After all, PEPE coin hit key milestones in the post-election cycle, smashing through resistance at $0.000020 and reaching an all-time high of $0.00002524 just two weeks ago. A correction was inevitable as trading volume surged to a record 214 trillion, signaling an overheated market.  As a result, two consecutive weeks of downtrend have positioned PEPE coin below its earlier resistance, now valued at $0.00001923 (at the time of writing).  Is PEPE coin ready to break another ATH by December? The MACD crossover on the daily chart has turned bearish, signaling further downside. This suggests that a bottom has not yet formed, making a rebound before the end of this month less likely. December, therefore, could set the stage for PEPE to break past $0.00002600. However, it won’t be an easy feat, given the extreme volatility expected as bulls aim to push BTC above $100K before the end of Q4. As mentioned earlier, this cycle has solidified altcoins as a superior asset class. A Bitcoin bull run, therefore, is likely to push memecoins toward previous resistance levels, though reaching an all-time high may prove difficult. Interestingly, whales began accumulating PEPE coin a…

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Filed under: News - @ November 29, 2024 8:23 pm