2024 is expected to be a breakout year for PEPE
The recovery in the market, coupled with the increase in the number of exchange-traded funds (ETFs) and the SEC’s softer stance on cryptocurrencies, set the stage for Pepe Coin’s bullish trajectory this year.
The approval of a Bitcoin ETF reflects a positive environment for altcoins, which helps drive PEPE’s price trend in 2024. The broader market dynamics and regulatory environment drive the optimism. The RSI has also entered the overbought zone, driving the price gains with a sustained rise. Other technical indicators such as the MACD and historical volatility index support this statement and reflect a bullish trend.
Although the recent pullback to the 50-day exponential moving average (EMA) indicates that the buying pressure is temporarily exhausted, the price trend of Pepe Coin has shown resilience. It has been maintaining a sideways move above the dynamic support level. The sharp overnight increase of 5.41% indicates a possible bullish reversal. The intraday increase of 3.66% and the price decline further support the trend, indicating a comeback for the memecoin.
Fibonacci analysis suggests that PEPE’s price action could exceed the 1.618 level to $0.000015 and touch $0.00001980. Even after a failed inverted head and shoulders breakout, it has recently shown signs of recovery, trading at a 71% discount to its all-time high of $0.000004354. The remarkable 91% intraday volume growth supports this recovery. While experts believe that PEPE has growth potential in both the short and long term, another memecoin Rebel Satoshi Arcade (RECQ) is also gaining attention for its expansion and functionality.
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