This week, the price of PEPE, one of the popular memecoins, increased by 65 percent. As the cryptocurrency market recovers with Bitcoin approaching $69,000 and the approval of spot Ethereum ETFs, the possibility of a bull run in memecoins has increased. There is speculation about whether PEPE could gain 10 to 15 times in value by 2024 or reach $1 by 2030.
Current Price Performance of PEPE
The price of PEPE made a significant break, exceeding the $0.00001 level on the daily chart. This breakout caused the price to rise by 65 percent and the market cap of memecoin to rise by 178 percent in the last five weeks. Over a longer period of time, PEPE has appreciated by nearly 1300 percent in the last 14 weeks.
PEPE is currently trading at $0.00001510 with intraday growth of 6.82 percent, recovering from a 5.26 percent decline the previous night. Technical indicators give positive signals. The Relative Strength Index (RSI) line on the daily timeframe remains in the overbought zone. Additionally, the Historical Volatility (HV) line rose from 101 to 191 within a week.
Rally Potential
On the daily chart, the uptrend continues above the 100 percent trend-based Fibonacci level at $0.000015. PEPE is expected to surpass the $0.00002 level and beyond that it could target $0.0000277, corresponding to the 2.618 percent trend-based Fibonacci level. Factors such as the upcoming altcoin season and potential interest rate cuts increase the likelihood of a 10x to 15x rally in PEPE's price in 2024.
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