Pepe price prediction: Is the meme poised for more gains after rallying 48%?

Pepe rallied 48% in 24 hours, setting a new all-time high.
The rally faced resistance at the 61.8% Fibonacci extension level.

As a seasoned researcher with over a decade of experience in the crypto market, I’ve witnessed numerous bull runs and bear markets. The recent surge of Pepe (PEPE) has caught my attention due to its remarkable resemblance to the frenzy we saw back in May.

On November 13th, PEPE [PEPE] exhibited significant bullish energy similar to its May surge. This meme coin broke through previous resistance barriers to reach a new all-time high of $0.00002597. The token experienced a 47% increase on that day.

Earlier this week, Pepe noticed heightened trading actions on decentralized exchange platforms (DEX). This surge was likely due to traders and investors speculating a potential “meme coin boom” or “supercycle.” In the upcoming months, the significant gains made by Dogecoin [DOGE] might be shifted towards PEPE.

Bulls face a temporary roadblock at the 61.8% extension

As a researcher, I’ve drawn up a series of Fibonacci retracement levels, specifically based on the Pepe’s rally that occurred in April and May. Since then, the 61.8% and 78.6% retracement points have emerged as robust levels of support.

Approximately a week ago, a dip below the 61.8% mark at $0.000009 sparked a surge that propelled the price to unprecedented peaks. The outlook for Pepe’s long-term value is remarkably optimistic. There’s chatter in the crypto community that it might match Dogecoin’s market cap during this phase.

It could be considered overly optimistic given that Dogecoin has held the title of the most popular meme coin for a long time now. But, during periods of bull markets, sentiment can become extremely positive. A market capitalization of $40 billion or more for Pepe wouldn’t be entirely unrealistic under such circumstances.

Short-term Pepe price prediction

Today’s liquidation chart marked significant points of high liquidity at $0.0000247 and $0.0000224. As Bitcoin [BTC] surpassed $90,000 once again, the immediate market outlook turned optimistic, suggesting a possible increase in price.

Prepare yourself, traders, as there could be a more significant drop ahead, even though the temporary outlook appears positive. A series of substantial sell-off points was identified ranging between 0.0000209 and 0.0000232.

Consequently, conducting another purchase in this zone might offer an excellent buying chance because the token is expected to regain its bullish trend following a clearance of this liquidity.

Read Pepe’s [PEPE] Price Prediction 2024-25

Anticipation surrounding Coinbase’s listing may propel PEPE to unprecedented heights; however, it might temporarily dampen the enthusiasm, allowing the token some breathing space for potential consolidation.

Traders ought to stay alert and plan for various situations, handling risk effectively, whereas investors might find it beneficial to hold onto their assets for several months without making frequent adjustments.

2024-11-14 15:03

Bulls face a temporary roadblock at the 61.8% extension

Short-term Pepe price prediction

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