PEPE (PEPE) Price Prediction: Frog-Themed Meme Coin Confirmed a New Rising Trend
- Patricia ArquetteOriginal
- 2024-11-19 00:16:13505browse
After closing above the prior all-time high (ATH) last week, frog-themed meme coin, Pepe (PEPE), has confirmed a new rising trend.
Frog-themed meme coin Pepe (PEPE) has witnessed a significant rally of over 150% in the last two weeks, outpacing the gains of other meme coins and cryptocurrencies. The meme coin, which is now ranked among the top 100 cryptocurrencies by market capitalization, has sparked interest and discussion in the crypto community. Here's a closer look at the factors contributing to PEPE's impressive price surge:
1. Meme Season Anticipation: After a period of consolidation, meme coins are showing signs of another season of price appreciation. Dogecoin (DOGE), the original meme coin, has broken out of a bearish consolidation, indicating the beginning of another meme season.
2. Top Meme Coin on Ethereum: Pepe is a highly rated meme coin on the Ethereum network, with substantial liquidity on DeFi protocols. This positioning has attracted a large number of investors seeking exposure to meme coins.
3. Coinbase and Robinhood Listing: Last week, the Pepe community received a major boost with the listing of the meme coin on top-tier cryptocurrency exchanges Coinbase and Robinhood. This listing has brought PEPE to the attention of a broader audience.
4. Pepe Shorts Converting: According to some traders, the Pepe shorts have now converted to longs, which is strengthening the macro short squeeze and helping the Ether-based meme coin continue to rally ahead.
5. Technical Analysis: From a technical analysis perspective, the PEPE price could be following a bullish breakout similar to that of February 2024. If this scenario continues, the PEPE price could easily make a 10x from the recent bullish breakout and reach $0.0009.
6. 1-Hour Chart Bullish Pennant: In the 1-hours time frame, Pepe price has been forming a potential bullish pennant, which could yield a rally toward a new all-time high. Moreover, the weekly Relative Strength Index (RSI) has surged above the 70 percent level for the first time since May this year.
It's important to note that Pepe traders should be cautious of a potential fakeout to the lower end before a bullish breakout.
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