- PEPE has been on an overall downtrend since May.
However, PEPE could retest its previous ATH sometime in the coming months
As an analyst with a background in economic trends and market analysis, I have seen my fair share of bull and bear markets, and the current state of PEPE [PEPE] is particularly intriguing. The memecoin has been on an overall downtrend since May, but recent developments are hinting at a potential turnaround.
Since mid-September, the PEPE [PEPE] tokens have been quite active. This meme coin appears set to end September with gains. However, will it maintain its current pace, and what might October bring us?
As an analyst, I’ve observed PEPE experiencing a persistent downtrend since May. Notably, the bearish pressure found its bottom within the $0.00000897 price bracket on numerous instances. Consequently, the price has been hovering around this range, with occasional bullish surges following.
Based on the results, it appears that many PEPE holders are reluctant to sell at those prices. Consequently, these levels could potentially represent a temporary floor for both short-term and long-term PEPE price forecasts.
As a researcher studying the memecoin market, I’ve noticed an impressive surge in value. From the depths of its September lows, this coin has managed to rally by an astounding 42%, reaching a current price of $0.00000908 at press time.
PEPE short term price prediction
The Fibonacci tool predicts that PEPE‘s upcoming significant price level will range between approximately $0.00001153 and $0.00001287. This forecast is derived from analyzing PEPE’s lowest and highest prices over the past five months.
This implies that PEPE has potential to increase by approximately 26% based on the lower price estimate, while it could surge beyond 40% if we consider the upper target.
Holding Pepe addresses by time duration might aid in predicting short-term trends. The number of Pepe holders, who have held for more than a year, has been steadily increasing since April. This suggests that the majority of buyers (approximately 85,000) who bought the memecoin over a year ago are still keeping their investments.
Additionally, we noticed a modest decrease in the cruiser segment, suggesting that swing traders might have liquidated some cryptocurrencies. Yet, the number of addresses in this category has been increasing and currently exceeds what was observed during PEPE‘s peak in May.
Approximately 183,000 addresses reached their peak in May, while the current count of cruiser addresses stands slightly higher, at over 196,000, according to the most recent data from September 25th.
The number of traders decreased significantly, from more than 62,000 unique addresses in May, down to around 17,000 currently. This indicates a tendency among PEPE traders to hold onto their assets for longer periods instead of frequent trading. Such a trend could potentially reduce resistance for the bulls, making it easier for them to push prices up.
Read Pepe’s [PEPE] Price Prediction 2024-25
In terms of future value for PEPE, the meme coin might reach a price level comparable to its past all-time high ($0.000017) within the next few months, possibly by the year 2025.
It’s uncertain if this event will occur, as it hinges on whether the bulls can mount a significant rebound and produce a substantial rally as anticipated. The recent upturn aligns with the change in investor sentiment leaning towards the bulls this month.
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2024-09-27 10:15