As the second week of September rolled in, Pepe (PEPE) bulls emerged from a prolonged slumber, igniting a surge that now positions the memecoin to conclude the month in the green. Following a challenging downtrend since May, which saw PEPE dipping as low as $0.00000897, the recent bullish momentum has left traders questioning whether this rally is sustainable and what October may hold for the beloved frog-themed cryptocurrency.
A Look Back – From Bearish Lows To Bullish Rebound
PEPE’s journey has been a rollercoaster of volatility. After touching its lows in May, the price settled within the $0.00000897 range, where it seemed to find a local bottom. This stabilization indicates that most holders are unwilling to sell below this price, providing a solid foundation from which PEPE can build its next moves.
Since hitting those lows, PEPE has experienced a remarkable 42% rally, currently trading at approximately $0.00000908. This resurgence reflects not only a rebound in price but also a notable shift in trader sentiment. Many investors appear to be holding their positions rather than taking profits, hinting at a bullish outlook for the memecoin.
Analyzing the price movement through Fibonacci retracement levels reveals that PEPE’s next major price targets are set between $0.00001153 and $0.00001287. If the memecoin reaches the lower target, it could achieve an additional 26% increase, while the upper target suggests a more ambitious 40% rally.
Further supporting this short-term bullish prediction is the growth in long-term holders. Since April, the number of addresses holding PEPE for over a year has risen to nearly 85,000, indicating a solid base of committed investors. Despite a minor dip in the swing trader category, where some coins were sold off, the number of cruiser addresses has surpassed the figures seen at PEPE’s peak in May, growing from approximately 183,000 to over 196,000 as of September 25.
The shift from active trading to holding positions suggests a more stable environment for price growth, minimizing friction for PEPE bulls eager to push the price higher.
Long-Term Outlook – Aiming for Previous All-Time Highs
Looking ahead, the long-term potential for PEPE remains optimistic. Many analysts speculate that the memecoin could retest its previous all-time high of $0.000017 sometime in the coming months, potentially in 2025. However, the realization of this bullish forecast hinges on the strength and continuity of the current recovery phase.
Also Read: PEPE Coin Rises 5.27% In 24 Hours – Is A Breakthrough To $0.00001 On The Horizon?
Market sentiment has shifted favorably towards the bulls this month, bolstered by a combination of strategic holding behavior and a resurgence in interest for PEPE. If this momentum persists, we could see a significant rally that re-establishes PEPE as a prominent player in the memecoin arena.
Can the Momentum Continue?
In summary, Pepe’s current trajectory suggests a promising outlook for the remainder of September and into October. With a solid base of long-term holders, a positive shift in market sentiment, and attainable short-term price targets, PEPE bulls are positioned to make significant gains. While the memecoin market remains inherently volatile, the trends indicate that the froggy fighter may not be done bouncing back just yet. As we head into October, all eyes will be on PEPE to see if it can sustain its current momentum and possibly pave the way for a new era of bullish performance.
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.
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