PEPE Price Signals Strong Bullish Momentum in October

The Pepe Bulls have been in full swing since the second week of September and the memecoin is on track to close the month in the green. However, the question is whether this bullish momentum can be sustained and what can we expect in October?

Since May, PEPE has been in a general downtrend. Selling pressure has bottomed out multiple times around $0.00000897. The price has since stabilized at this level, with some positive signs of recovery.

These data suggest that the majority of investors are not inclined to sell below this level, creating a short-term bottom, which helps us predict the price of PEPE in the short and long term.

Currently, the memecoin has increased by 42% from its September low, reaching $0.00000908 at the time of publication.

According to Fibonacci, PEPE’s next target price is between $0.00001153 and $0.00001287, based on the range of the lowest and highest prices over the past 5 months. This means that PEPE could rise by 26% at the low target price and more than 40% at the high target price.

The number of addresses holding PEPE over time can be an important basis for predicting the short-term price trend. Since April, the number of addresses holding PEPE for more than a year has increased, indicating that the majority of investors, nearly 85,000 addresses, bought the memecoin more than a year ago and continue to hold it.