Pepe (PEPE) supporters have been really coming out since the second week of September. The meme cryptocurrency is now on track to end the month in the green. But can it maintain its current momentum and what can we expect in October?
PEPE has been in an overall downtrend since May. The downside momentum bottomed out around $0.00000897 several times. As a result, the price corrected around this range, followed by some upside momentum.
The above findings suggest that most investors are reluctant to sell below this price range. Therefore, this is the local bottom from which we can make short-term and long-term PEPE price predictions.
So far, the coin has rallied 42% from its September low to its current price of $0.00000908.
Short Term PEPE Price Prediction
Fibonacci retracement puts PEPE’s next major price target between $0.00001153 and $0.00001287. This is based on the lows and highs over the past 5 months. This means PEPE could rise another 26% on the lower end and over 40% on the higher end.
The number of addresses holding PEPE long term may support the short-term prediction. The number of addresses holding PEPE for more than 1 year has increased since April. This confirms that most of the buyers (nearly 85,000 addresses) who bought the coin more than a year ago are still holding it.
We also observed a slight decrease in the “cruisers” group, indicating that short-term traders sold some coins. However, the addresses in this group are increasing and are now more numerous than at PEPE’s peak in May.
Around 183,000 addresses existed at the May peak but the number of “cruiser” addresses has surpassed 196,000 according to the latest data on September 25.
The number of traders has dropped from over 62,000 addresses in May but has now dropped below 17,000 addresses. This suggests that PEPE has shifted in favor of long-term holdings. An outcome that could result in less friction for supporters.
As for the long-term PEPE price prediction, the coin could retest its previous high of $0.000017 in the coming months, possibly in 2025.
However, this possibility depends on whether the supporters can come back strong and deliver a big rally as expected. The latest recovery fits with the shift in market sentiment in favor of the bulls this month.
DYOR! #Write2Win #Write&Earn #Write2Learn #Write2Earn! $PEPE