Highlights:
- PEPE rose after closing above the $0.00001232 resistance
- Rally opens the way for rally to $0.00001500 short term
- A bullish Bitcoin opens the way for PEPE to hit new highs
PEPE continues to record impressive performance in recent days. In the last 24 hours, PEPE has gained by 7.33%, and at the time of going to press, it was trading at $0.00001338. Trading volumes are also on the rise, up by 28% in the last 24 hours.
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Kraken Listing and Breakout Off Symmetrical Triangle Add Impetus to PEPE
Pepe (PEPE) gained 35% since November 6 driven by two important factors namely: The listing on Kraken and Donald’s Trump win in the US election. These factors saw PEPE hit an all-time high of 0.00001345 on Nov 11, marking a continuation of the bullish momentum that started in June.
The recent spike occurred after a breakout pattern off a symmetrical triangle pattern, which has characterized PEPE price action for the better part of 2024. Based on prevailing strong buying volumes, PEPE could rally by 200%.
A symmetrical triangle usually ends with a breakout pushing the price above the downward trendline. This happened after PEPE pushed through the $0.000001232 resistance. With PEPE moving above 0.00001232, the expected target now stands at 0.00003900, assuming that market conditions remain bullish.
$PEPE just broke 1420.
There is no ressistance, I love you. pic.twitter.com/mMKgHDx8fP— Plazma (@Plazma0x) November 12, 2024
DOGE Price Action Boosts PEPE and Other Meme Coins
Dogecoin’s performance is likely to have a pivotal impact on the performance of other meme coins and, in particular, that of Pepe. The hype around the Trump election and how Elon Musk will head the “Department Of Government Efficiency” has been a big boost for DOGE.
DOGE’s price action has boosted investor interest in other meme coins such as PEPE as traders capitalize on the speculative trades. If DOGE continues its rally, and the same momentum flows into top meme coins, then PEPE could eliminate a zero by 2025.
You see this monster run $DOGE is having$PEPE and $BRETT will go next pic.twitter.com/gc9Tx8Pmuw
— Crash (@CrashiusClay69) November 12, 2024
DEX Traders Increasingly Drawn to PEPE
Pepe (PEPE) is also drawing the attention of DEX traders. New statistics point to an accelerated increase in the buy-side liquidity on the DEXs. This signals renewed interest as PEPE’s price action broke out of a symmetrical triangle. It indicates that savvy traders are looking forward to even more profits as alt-season nears. Based on the volume-weighted average price (VWAP) chart, PEPE could be on its way to new highs soon.
More PEPE Traders Now in the Money
The rising interest in PEPE is also evident in its ‘Global In/Out of the Money’ metric. On this metric, 77.87% of PEPE holders are currently in profit. This high percentage of ‘in the money’ holders will inhibit instances of panic sell-offs. Out of the total holders, only 17.55% are ‘out of the money’ further reducing the likelihood of a selloff.
Technical Analysis – PEPE Price Closes Above Key Resistance
From the charts, PEPE is clearly in the early stages of a bull rally. That’s because it rallied through the $0.00001267 resistance on November 11 and closed above it. This is an indicator that bulls are firmly in control. With the strong bullish momentum PEPE exhibited today, PEPE could be headed for $0.00001500 in the short term.
If bears retake control, the key level to watch would be $0.00001267, now support. A push through it could see PEPE drop to around $0.00001088 in the short term. Of all these scenarios, the odds are higher that the upside momentum PEPE has built up so far will continue. The broader market is bullish, and this plays out well for PEPE.
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