Nov 1, 2024

6thTrade

Pepe (PEPEUSD), the popular meme coin, has been fluctuating within a tight trading range throughout October, repeatedly facing resistance at $0.000010 while finding solid support at $0.00000084. With rising interest in meme coins, PEPE looks primed for a potential breakout. $PEPE

Pepe Demand Gains Momentum

PEPE has been locked within a horizontal trading channel since late September, with price swings bounded by resistance and support levels. This sideways action suggests a balance between buying and selling, which has kept the coin from trending significantly in either direction.

Now, however, PEPE’s outlook appears to be changing, thanks to increased activity across the meme coin market. Over the past week, meme coin market capitalization has surged by 19%, hitting $63 billion, the highest level since June. This sector-wide boost could be setting PEPE up for an upward shift.

On-Chain Signals Point to Bullish Activity

On-chain data shows that demand for PEPE has been on the rise. Analytics from IntoTheBlock indicate a 27% jump in the daily count of new addresses trading PEPE over the past week. In the same timeframe, the number of daily active addresses—users engaging in at least one PEPE transaction—climbed by 11%.

When an asset’s price rises alongside an increase in active and new addresses, it often reflects heightened network engagement and investor interest. This combination of rising price and active user counts signals a strong, bullish sentiment for PEPE, suggesting that more investors are becoming involved in the meme coin’s rally.

Positive Sentiment Backs PEPE’s Uptrend

PEPE’s bullish momentum is further supported by its weighted sentiment, currently at 0.168—the highest since May. Weighted sentiment gauges social media mood, with values above zero indicating a positive outlook. This optimistic sentiment shows that market participants are feeling hopeful about the meme coin’s future, with many expecting continued growth.

PEPE Price Prediction: Approaching Resistance

At the time of writing, PEPE is trading at $0.0000094, inching closer to the top boundary of its trading channel. If demand continues to grow and PEPE can break above the $0.000010 resistance, it may establish this level as new support, paving the way for a rally toward its 60-day high of $0.000012.

However, if buying momentum falters, PEPE could slip back into its current range, with support at $0.0000084. A drop below this level might lead the coin to test the $0.0000070 support. For now, all eyes are on PEPE’s next move as traders watch for a potential breakout or a return to its established range.

Images Credit : Santiment