PEPE Surges To a Fresh All-Time High and Past $7.1 Billion Market Cap. Is Pullback Next?

PEPE Surges To a Fresh All-Time High and Past $7.1 Billion Market Cap. Is Pullback Next?

Pepe (PEPE) has stormed past the $7 billion market cap mark, solidifying its position as a force to be reckoned with in the crypto space. According to the latest data from CoinMarketCap, Pepe's price hit an all-time high of $0.00001706 on May 27th in early trading as the meme-inspired token continues to defy expectations. As of writing, PEPE is trading at $0.00001691, a 12% 24-hour surge.

PEPE Price Chart: CoinMarketCap
PEPE Price Chart: CoinMarketCap

The Pepe phenomenon has taken the crypto world by storm, with the coin's value soaring by 80% over the past seven days. This impulsive move can be attributed, in part, to the bullishness surrounding the potential approval of an Ethereum spot Exchange Traded Fund (ETF). As an ERC-20 token built on the Ethereum blockchain, Pepe has undoubtedly benefited from the positive sentiment surrounding its underlying network.

Its ascent is further highlighted by its impressive 24-hour trading volume of $2.9 billion, ranking it sixth among all crypto in terms of volume traded. Interestingly, in the same 24 hours, the trading volume has recorded a 71% GAIN. This high liquidity suggests a heightened interest from traders eager to capitalize on the meme coin's meteoric rise.

Also, Pepe's volume-to-market-cap ratio stands at a substantial 39.46%, indicating a healthy balance between its market cap and its trading activity. This metric is often used as a gauge of a coin's liquidity and adoption, suggesting that Pepe's growth is more than just a speculative frenzy.

PEPE Technical Analysis

Pepe's bullish momentum has been extraordinary. The coin has seen six consecutive weekly candlesticks closing bullish, with the most recent week's candle representing an 80% gain over the previous seven days.

Since marking a low of $0.00000391 on April 13th, Pepe has consistently created higher highs, breaking through resistance levels and respecting an ascending trendline. This impressive bull run has seen the price surge by a remarkable 326% to a new all-time high.

PEPEUSD Daily Chart: TradingView
PEPEUSD Daily Chart: TradingView

However, despite the impressive uptrend, there are indications that Pepe may face a pullback in the near future. The weekly Relative Strength Index (RSI) currently sits at an extremely overbought region of 83, suggesting that the bullish momentum witnessed over the past several days may be unsustainable in the short term. A correction in price may be necessary to ease the RSI back to a more neutral reading, away from the overbought territory.

Price Predictions and Future Outlook

According to our analysis predictions, the Pepe coin is expected to reach $0.0000209 by the end of 2024. However, a drop of $0.0000132 is anticipated in October 2024, highlighting the potential volatility of the meme coin market.

Looking further ahead, Pepe coin is forecasted to touch a potential high of $0.00007 and a low of $0.00003 by 2025. Nevertheless, as with any other cryptocurrency, Pepe's popularity and price trajectory will ultimately depend on market trends, demands, and the overall sentiment surrounding meme coins.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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