The PEPE price has dropped by 1% today, slipping to $0.00001202 as the crypto market as a whole rises by 0.5% in the past 24 hours.
The meme coin remains up by 25% in a week and by 32% in a fortnight, while it also boasts an enviable 685% gain in a year.
In fact, PEPE has reached an all-time high more recently than most other top-100 coins, with the token climbing to $0.00001717 at the end of May.
And with its price breaking through a short-term resistance level, it looks like it could beginning challenging this record high before long.
Bullish Momentum Builds After Pepe Price Range Breakout
What you can see from Pepe’s chart is that, last week, its price broke away from the narrow $0.0000085 – $0.0000095 range it had been trading in for a few weeks.
Its overall picture is therefore much more bullish at the moment, even if its indicators have taken a hit this morning with today’s drop.
For example, its 30-day moving average (orange) has begun falling towards the 200-day (blue), suggesting that we may see a little correction over the next day or so.
Source: TradingViewLikewise, PEPE’s relative strength index (purple) has fallen from 60 last night to 40 today, and while it has stabilized a little, more drops could be coming.
Yet with a trading volume of around $1.2 billion, any drop today or tomorrow may be short-lived, given the ongoing interest in the meme token.
Recent days have seen whales withdraw significant sums of PEPE from exchanges, signalling a belief that the coin has more gains in store in the near future.
Nascent(@nascentxyz) swapped $MKR positions for $PEPE and $LDO.
Nascent deposited 1,215 $MKR($3.41M) to #Binance 6 hours ago and then withdrew 141.23B $PEPE($1.57M), 281K $LDO($503K) and 3.4M $USDT from $Binance.
Nascent currently holds 608.85B $PEPE($7.49M).… pic.twitter.com/Sx1WyGFqt7
— Lookonchain (@lookonchain) July 16, 2024
And given that the wider market appears to have entered an upwards trend after a difficult couple of weeks, such a belief would be entirely reasonable.
Indeed, the market has the launch of Ethereum ETFs to look forward to tomorrow, with some already preparing for a Solana ETF in later months.
While such launches do not affect the Pepe price directly, they would nonetheless improve bullishness across the board, with demand and volume feeding into alts such as Pepe.
There’s also no mistake that PEPE is probably still the most popular meme coin among whales, so we are likely to see it rally strongly in the coming weeks and months.
It could easily reach $0.0000015 in the next few weeks, before hitting $0.0000020 by Q4.
A Pepe Coin with Utility
As good as PEPE looks right now, it won’t be the only promising meme token to rally big in the near and more distant future.
There are also numerous newer coins that are showing high potential, including presale tokens that could rocket once they list.
One crypto likely to do this is layer-two project Pepe Unchained (PEPU), which has raised in excess of $4.5 million in its increasingly popular sale.
Great Saturday news! We’ve raised $4.5M!
Pepe Unchained is breaking barriers and making waves pic.twitter.com/3hK6JyGOy4
— Pepe Unchained (@pepe_unchained) July 20, 2024
What’s exciting about Pepe Unchained is that its L2 platform is promising instant transactions and extremely low fees, with the project aiming to rival existing layer-twos such as Base and Optimism.
Another bullish feature is that, owing to the efficiencies its network provides, it will be able to offer double the staking rewards it would have offered if it were merely an Ethereum-based meme coin.
What’s important about this is that it provides more incentive to buy and hold onto the token for the long-term, something which should boost its price.
On top of this, the coin will have a capped supply of 8 billion PEPU, with 30% of this going to staking and 20% to the presale.
As a meme token, what will also be important to Pepe Unchained will be the size of its community, with the coin’s X account now reaching over 8,000 followers.
Given that its account opened only in May, this offers some indication of how popular it could become once it launches.
Investors can join PEPU’s presale by heading over to the coin’s official website, where they can buy PEPU using either ETH, BNB, USDT or fiat currency.
It currently costs $0.008596 per token, although this sale price will rise in two days, so tempted buyers shouldn’t procrastinate.
Buy PEPU Now
The post Pepe Price Prediction: Bullish Momentum Builds After Range Breakout appeared first on Cryptonews.
