Pepe Coin Price on Fire: What's Driving the Rally?
- DDDOriginal
- 2024-11-15 22:30:16520browse
PEPE price is up 97% in the past 7 days and over 135% in the last two weeks. The price action remains bullish as market observers speculate
Pepe Coin price has surged 97% over the past 7 days and over 135% in the last two weeks. The price action remains bullish as market observers speculate the frog-themed meme coin will rise higher.
The price of PEPE has been on a bullish trend since early November, rising from a low of $0.000010 to a high of $0.00002331. The increase came as a result of Bitcoin’s price rally starting November 5 after Donald Trump won the U.S presidential elections. On November 14, Coinbase and Robinhood confirmed PEPE listings, causing the token to soar further, breaking its previous all-time high price.
Pepe Coin price also has a high correlation with both Ethereum and Bitcoin and followed these assets while they rallied.
Short-Term PEPE Price Technical Analysis: Key Levels to Watch
The PEPE price chart shows a symmetrical triangle breakout to the upside, signifying a shift from a consolidation phase to a bullish trend. The volume during the breakout was significantly higher than previous sessions, suggesting that buyers have entered the market aggressively, validating the breakout.
The current move can be considered the start of an impulsive wave (Wave 3) in Elliott Wave theory, given the strong breakout from consolidation. This suggests potential continuation towards higher Fibonacci levels.
Key Key levels to watch on the Pepe Coin price action include The breakout point around 0.0000176 which represent the immediate support, and below that, the lower trendline support near $0.0000100.
On the way up, PEPE will likely encounter resistance around $0.00002597, $0.0000300 and $0.0000343.
On-chain metrics suggest that Pepe Coin price is bound to move higher. But first, the large bullish engulfing candle spotted on the breakout indicates strong buyer momentum. This typically signals a continuation to the upside.
Additionally, data from IntoTheBlock (ITB) shows buyer activity soared to a 1 year high, with large investors adding 4.7 trillion PEPE ($101 million) between November 13 and 14.
Moreover, the percentage of whales on PEPE dropped by 3.48% in the last month, while normal investors and retail increased by 1.91% and 2.31%, respectively. This re-allocation will lead up to a healthy token distribution that is usually a primer for higher price movements.
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