This week, the price of the popular memecoin Pepe (PEPE) surged by 65%, highlighting increasing momentum and buying pressure. With Bitcoin (BTC) approaching $69,000 and the approval of spot Ethereum ETFs, the broader cryptocurrency market is recovering, increasing the chances of a bull run in memecoins. There is speculation on whether memecoins like PEPE will see a significant boom this year, and if PEPE could rise 10 to 15 times in 2024 or reach $1 by 2030.
PEPE’s Current Price Performance
PEPE‘s price broke the psychological level of $0.00001 on the daily chart, showing a rolling bottom formation breakout. This breakout extended the bullish trend by 65% this week, increasing the memecoin’s market value by 178% over the past five weeks.
Over a longer period, PEPE surged nearly 1,300% in the past 14 weeks, reflecting a significant jump in demand in the individual market. This week’s 65% rise resulted in a bullish engulfing candle on the weekly chart, indicating strong buying interest.
Currently, PEPE is trading at $0.00001510, recovering from a 5.26% drop the previous night with a 6.82% intraday growth. Technical indicators show positive signs for continued growth. The Relative Strength Index (RSI) line in the daily timeframe remains in the overbought zone, reflecting increased overall demand. Additionally, the Historical Volatility (HV) line rose from 101 to 191 within a week, indicating increased volatility, which supports the ongoing bullish trend.
Rally Potential
On the daily chart, the bullish trend continues above the $0.000015 level, corresponding to the 100% trend-based Fibonacci level. With the momentum from the rolling bottom breakout and the trend characterized by rising dips, PEPE is expected to surpass the $0.00002 level. Beyond that, the memecoin could target $0.0000277, corresponding to the 2.618 trend-based Fibonacci level.
Looking ahead, upcoming bullish catalysts such as the Uptober rally, altcoin season, and potential interest rate cuts could further propel PEPE. These factors contribute to the possibility of a 10 to 15 times rally in PEPE’s price being a viable target for 2024 as buying pressure continues to increase.
