Pepe Coin (PEPE) has experienced a significant surge in price, gaining more than 8% over the past week. This rally has sparked speculation about the token’s potential to continue its upward trajectory, particularly as the year draws to a close. With rising trading volumes and increasing market cap, many are asking: will PEPE hit the $0.0000191 mark next?
$PEPE 1D TF CHART 📊#PEPE is now holding above our horizontal level 📈, Overall chart looks very bullish to me 😍, but in case if we break below the horizontal line we can target for Trendline Support ‼️
— Crypto Lalit (@CryptoLalit151) December 29, 2024
Are you ready to see #PEPEUSDT NEW ATH 🔥🚀 pic.twitter.com/WyLXH5eUcl
Why Is PEPE Gaining Attention?
PEPE’s recent price spike can be attributed to robust buying pressure. On December 29, PEPE’s buy volume reached a noteworthy 78, a figure close to 100, which indicates strong demand in the market. When buy volume approaches 100, it often leads to price increases, and PEPE is no exception. Moreover, the token’s market capitalization has exceeded $7.88 billion, making it the 24th largest cryptocurrency by market value. This rapid growth highlights the increasing interest in PEPE and its rising influence in the crypto space.
Positive data from Santiment further supports PEPE’s bullish momentum. After a brief dip, the token’s network growth has picked up, with a rise in new addresses. Additionally, the Market Value to Realized Value (MVRV) ratio has increased, suggesting that PEPE’s market capitalization is climbing faster than its realized cap. This signals healthy market conditions and points to potential for further growth.
Will PEPE Maintain the Bullish Momentum?
Despite the strong buying pressure, some cautionary signals are emerging. The supply held by whales has been increasing, indicating that large investors are confident in PEPE’s future. However, the 21-day moving average (MA) is currently above the 9-day MA, which could indicate a slight bearish trend ahead.
Traders should watch these technical indicators closely. A sustained upward momentum could push PEPE to the $0.0000191 target, but if the trend reverses, a correction to $0.0000181 is possible. With ongoing buying interest and network growth, PEPE’s price may continue to rise, but market volatility could introduce unexpected challenges.
Also Read: Can Pepe Coin Reach $1 in 2025? Price Analysis and Market Predictions for the Meme Coin
In conclusion, while PEPE’s recent gains suggest a positive outlook, traders should remain vigilant, monitoring key levels for signs of market shifts. If the bullish momentum holds, PEPE could indeed reach $0.0000191 by the end of the year.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
