The cryptocurrency market experienced a 2.31% drop in the last 24 hours, with a total trading volume of $343.44 billion. Bitcoin, in particular, failed to maintain its value above the $98k mark and retested its low of $94k today.
Despite the overall market turmoil, Pepe memecoin has managed to sustain its bullish price rally and has even achieved a new all-time high this week. Many are now wondering if the PEPE token will lead the memecoin rally during this altcoin season.
Pepe coin has seen an impressive surge of over 25% in valuation over the past seven days, doubling investors’ portfolios within the last month. With a Year-to-Date return of +1,887.68%, Pepe is currently one of the top-performing projects within the Ethereum ecosystem. The memecoin has formed a bullish ascending triangle pattern in the 1D time frame and has been trading within it since mid-November. With a market capitalization of $10.73 billion, Pepe currently holds the 20th position in the market.
Technical analysis shows that the Simple Moving Average (SMA) continues to support Pepe’s price chart in the daily time frame, indicating a strong bullish sentiment for the meme coin. However, the Relative Strength Index (RSI) suggests a bearish curve towards the overbought range, with a potential negative crossover on the average trendline this week, creating a mixed-price outlook for Pepe in the market.
Looking ahead, if the bulls can keep Pepe’s value above the support level of $0.0000260, the coin is likely to surpass its all-time high and move towards the $0.0000280 level. In a scenario where bullish sentiment strengthens, Pepe could potentially reach its target price of $0.000030 by the end of December. On the flip side, if the bears take control and push the price below the $0.0000240 level, Pepe may retest its support zone around $0.0000220.
For those wondering about Pepe’s future potential, it is important to note that reaching $1 would require a surge of 38,78,876%, making it impractical for the project to achieve such a target. Currently, Pepe is trading at $0.00002578 with a 24-hour change of +1.97%. Looking ahead to 2025, if adoption increases and AltSeason kicks in, Pepe could potentially reach a maximum price of $0.00007318.
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