This week, PEPE prices have surged by a massive 65%, indicating increased momentum and buying pressure. Additionally, the broader market is recovering as Bitcoin approaches $69,000 and an Ethereum ETF is approved, and bull chances for the memecoin are increasing.
With the increasing demand for cryptocurrencies, will memecoins explode this year? Will PEPE prices increase 10x-15x in 2024? Will it reach $1 in 2030?
PEPE price performance
PEPE price has broken above the psychological barrier of $0.00001 following a bottom breakout on the daily chart. The neckline breakout extends the bullish trend for the week by 65%. This has allowed the memecoin’s market cap to grow by 178% in the past 5 weeks.
For perspective, it is up nearly 1,300% in the past 14 weeks. This reflects a massive increase in demand for PEPE in the retail market. This week’s 65% gain has formed a bullish engulfing candle on the weekly chart.
PEPE price is currently trading at $0.00001510, up 6.82% intraday, offsetting last night’s 5.26% drop.
Technical indicators:
RSI: The daily RSI line remains in the overbought zone, reflecting an increase in overall demand.
Historical Volatility: The HV line rose from 101 to 191 in one week. This reflects increased volatility as the bull run continues and supports the current uptrend.
Will PEPE rise 1,000%?
The bullish trend remains above the 100% trend Fibonacci level of 0.000015 on the daily chart. With the continuation of the trend of higher highs and the release of trend momentum after the rounding bottom breakout, the PEPE price is expected to surpass the $0.00002 mark.
Apart from this, the meme coin could reach the trend-based 2.618% Fibonacci level at 0.0000277.
In the longer term, further upside is likely with upcoming bullish catalysts in the cryptocurrency market such as the Uptober rally, altcoin season, and potential rate cuts. Therefore, the possibility of a 10x to 15x increase in PEPE price is a feasible target by 2024 as buying pressure increases.
(Personal opinion, not a recommendation)
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