PEPE Coin Shows No Signs of Slowing Down Amidst Growing Market Activity

The popular meme cryptocurrency PEPE has been on a remarkable uptrend, surging over 23% in the last 7 days alone. As the third-largest meme coin by market capitalization after Dogecoin (DOGE) and Shiba Inu (SHIB), PEPE is being touted as one of the top cryptocurrencies to invest in for 2024.

The recent bullish momentum for PEPE has been fueled by a combination of positive market sentiment and growing institutional interest. Major cryptocurrency exchange Coinbase announced the listing of PEPE perpetual futures on its global platform on April 18th, providing further legitimacy and trading opportunities for the meme coin.

Furthermore, on-chain data reveals a significant PEPE whale accumulation. A whale with the address 0x546 withdrew 331.3 billion PEPE tokens worth $2.24 million from Binance at $0.00000675 per token. Notably, this whale shares the same deposit address as the smart trader 0x1c6, who profitably sold all their Uniswap holdings before its price drop. Together, these entities have withdrawn 660.7 billion PEPE tokens valued at $4.57 million from Binance and MEXC over three days at around $0.00000692 per token.

At the time of writing, May 6th, 2024, PEPE is trading at $0.000008644, having gained 1.69% in the last 24 hours. Its market cap stands at $3.6 billion, ranking it as the 30th largest cryptocurrency by this metric. In the last 24 hours, PEPE has seen a trading volume of over $724 million, but a 22% drop in the same 24-hour timeframe.

PEPE Technical Analysis

Weekly, PEPE's price has been bullish for the last three consecutive weeks, showcasing the momentum of the bulls. After marking a low of $0.00000391 on April 13th, the price has been trading in an uptrend, breaking structures to the upside with no signs of stopping. The Relative Strength Index (RSI) reading of 69 suggests prices retrace first to ease up the reading before continuing the rally.

On the daily timeframe, on April 22nd, PEPE's price broke out of a descending channel or bullish flag, closing above the main monthly bullish flag pattern. After this breakout, the price also recorded a mini bullish flag lasting several days at the broken-out resistance level, demonstrating the power and dominance of the bulls in the market. PEPE closed outside this pattern on May 2nd, confirming the continuation of the uptrend. The price seems poised to reach new highs, with immediate targets of $0.00000921 and $0.00001081 in the near term.

On the 4-hour chart, PEPE is currently trading slightly below the next resistance level, showing some signs of retracement. However, the price seems likely to test new highs soon, with the next targets at the recent high of $0.00000921 and the $0.00001081 level. If PEPE retraces after or before hitting the next immediate resistance zone at $0.00000921, it is more likely to retrace lower to Fibonacci levels before rallying up to break past them. A breakout above it could signal a rally toward the $0.000001081 target.

As PEPE continues to gain traction and attention, analysts are bullish on its options for 2024. Price predictions for the year range from $0.00002 to $0.00003, conveying a positive outlook despite potential short-term fluctuations.