Pepe price prediction: PEPE, an Ethereum-based meme coin, has seen a notable surge in price, hitting an all-time high following a significant increase in market activity. Over the past 24 hours, Pepe price has risen by 24.65%, reaching $0.00001383. This increase has propelled its market cap to $5.82 billion, placing it at rank #21 among cryptocurrencies. Investors seem to have turned to PEPE, while divesting from older meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).

The trading volume in the last 24 hours has also shown a substantial jump, climbing 89.75% to $4.43 billion, which accounts for 76.14% of its market cap. The circulating supply remains at 420.69 trillion PEPE, which is the total and maximum supply of the memecoin.

Pepe Price Prediction: What’s Next for the Popular Memecoin?

The meme coin Pepe has experienced a notable upward trend this week, reaching new highs driven by strong bullish momentum. Increased trading activity has shown robust market confidence in Pepe’s continued growth. 

Pepe Price Prediction

Over the past week, Pepe coin surged by over 21%, with a monthly increase exceeding 119%, indicating a sustained bullish trend. 

Market Sentiment and ETF Speculations

This surge reflects growing interest and investment in Pepe, pushing it into the spotlight among other cryptocurrencies. The trend indicates robust trading activity and increasing demand for this Ethereum-based asset.

The surge in the meme coin PEPE’s Open Interest (OI) has drawn attention, with data from CoinGlass indicating a rise in the past 24 hours. This spike, reflecting the total value of all PEPE futures contracts on crypto exchanges, often suggests growing investor confidence. 

A significant number of long positions are emerging, pointing to a bullish trend. Concurrently, speculations about the possible approval of spot Ethereum exchange-traded funds (ETFs) in the United States are fueling optimism in the market. These developments hint at a positive sentiment among crypto investors.

Technical Indicators Show Bullish Momentum

The current bullish trend has propelled Pepe coin past the $0.000015 resistance level, hinting at a potential upward trajectory. If the bullish momentum continues, Pepe could aim for targets of $0.00003 and even $0.00005.

However, if bearish forces regain control, Pepe might drop to support levels at $0.000013 or lower to $0.000012. These potential shifts highlight the market’s volatility and the opportunities within Pepe’s price movements.

The 24-hour technical indicators for PEPE/USD on the chart reveal a bullish signal. The Awesome Oscillator (AO) currently reads 0.000002674, indicating bullish momentum as it shows green bars in recent sessions.  

Pepe Price Prediction| Source: Tradingview

The Moving Average Convergence Divergence (MACD) indicator reveals a positive trend, with the MACD line (blue) staying above the signal line at 0.00000903, indicating potential upward movement.

The Relative Strength Index (RSI) is at 75.67, indicating that PEPE is currently overbought and suggesting a potential price correction. The Average Directional Index (ADX) is at 34.50, pointing towards a relatively strong trend.

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Filed under: News - @ May 22, 2024 11:21 am