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bitcoin
Bitcoin (BITCOIN)
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ethereum
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binancecoin
BNB (BINANCECOIN)
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ripple
XRP (RIPPLE)
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PEPE Price Prediction: Why PEPE Could Soon Rally to $0.00001100

Highlights:

  • PEPE is currently trending towards the $0.00001012 support
  • Rebound at support or before it could send PEPE to $0.00001100
  • A rally could be triggered by rising bullish sentiment in the Ethereum ecosystem 

PEPE (PEPE) has shown little movement today, reflecting the overall lack of major price action across the market. When writing, PEPE was trading at $0.00001041, up by 0.62% in the day. However, trading volumes are down during the day. This is an indicator that while the market is yet to confirm direction, PEPE holders are not selling. 

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It is a signal that the average PEPE investor expects the price to go up over time, especially once the uncertainty around interest rates clears up. So far, the market is in consensus that there will be no rate cut in September, but that one could be coming before the end of the year. However, the prevailing investor confidence in PEPE is not necessarily about the macro environment but rather Ethereum. 

Ethereum Bullish Sentiment Likely to Uplift PEPE Price

Ethereum has been on a strong rally recently, moving from under $1500 earlier in the year, and coming close to retesting its all-time high of $4800. The momentum around Ethereum is so strong that even as the market shows weakness this week, Ethereum has held steady above $4000. Ethereum is also experiencing a lot of institutional buying at the moment. 

All the hype around Ethereum means that soon ERC-20 tokens could also rocket. That’s because Ethereum-based tokens tend to do well when Ethereum performs well. Meme coins, particularly, tend to go parabolic in bull markets. This means that if there is an Ethereum rally that uplifts the entire Ethereum ecosystem, meme coins could be among the cryptocurrencies that experience a parabolic rise.

Being one of the best-known meme coins in the market means PEPE could be headed for a rally that could see it eliminate zeroes from its price. It may explain why, in the absence of price action, investors are not keen to liquidate their PEPE. 

PEPE Decentralized Nature Makes It An Attractive Meme Coin

PEPE also stands to rally for the fact that it is fully decentralized. The market is full of meme coins whose token ownership is concentrated in the hands of a few big players. This has led to situations where the founders pull the rug from under investors’ feet. It is part of the reason meme coins have increasingly lost their shine despite the immense potential in bull markets.

PEPE does not have this problem because all the tokens are in the hands of the community. As such, it is well-positioned to attract big money players looking to take positions in cryptocurrencies that could benefit from an Ethereum rally.

Analysts Point to a Possible Bullish Breakout for PEPE

PEPE also stands to benefit from the fact that analysts increasingly believe it is headed for a potential breakout. One analyst has noted that PEPE is currently consolidating in a narrowing triangular formation. Such consolidation usually leads to major price breakouts. In the case of PEPE, analysts believe such a move could see PEPE lose a zero. Such predictions at a time when Ethereum is showing strength could trigger FOMO around PEPE and make bullish predictions a self-fulfilling prophecy.

Technical Analysis – PEPE Price Trending Towards Support

After failing at the $0.00001073 resistance earlier in the day, PEPE is now headed lower. If bears remain in control, the key level to watch would be the 48-hour support at $0.00001012.

pepe
Source: TradingView

However, if bulls manage to regain control, the key level to watch would be the $0.00001073 resistance. A rally through resistance could trigger a rally to $0.00001100 in the short term.

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