$PEPE price surged 60% in 4 days, breaking through key resistances with technical patterns signaling a possible new all-time high.
PepeCoin (PEPE) price rally up 60% in four days to $0.00001264, supported by Ethereum's rally to $2,400.
Breaking through technical patterns and key resistances, the seemingly unstoppable pep coin rally is now signaling a new all-time high. Even a few key on-chain metrics support PEPE's high potential. So, here's why Pepe's price could hit a new all-time high.
PEPE coin rally marks a triangle breakout.
$PEPE Coin's price reversal has risen 137% over the past 60 days from a low of $0.00000525 made on March 11th.
A rapid recovery took Pepe last to the $0.00001391 level on February 1st. With a strong pullback, the frog-themed meme coin has breached the 50% Fibonacci level at $0.00001222 and marked a triangle breakout.
Exhaustion to the all-time high of $0.00002836 in the PEPE price on December 9 led to multiple lower highs, forming a resistance trend.
The bearish trend bottomed out on March 11 and hit the reversal button, forming a short-term support trend line.
The covering trend lines formed a triangle pattern, and Pepe Coin gave a decisive breakout on May 8 with a ~35% rally.
Adding the inside height of the triangle to the breakout point gives a 161% price target around $0.000022.
The rise in $PEPE is facing resistance from the 200-day Simple Moving Average (SMA). However, the rising bullish effect on the 50- and 100-day SMA indicates a positive crossover.
Furthermore, the MACD and signal line regain an upward trending signal with recent crossovers.
Based on Fibonacci levels, Pepe Coin's price forecast is 161% to $0.000022 with a possible continuation of 100% level at $0.00002649.
A potential breakout could bring investors' attention to $0.000040 as the next all-time high.
On the other hand, $0.000010 is a key psychological support for Pepe, followed by $0.0000090 demand zone.
A breakdown below $0.0000090 would negate the triangle breakout rally thesis and trigger a pullback to $0.00000563.
66% of Binance traders turned bullish on Pepe.
Amid growing optimism in the crypto market, Binance traders are very optimistic about Pepe.
According to Coinglass, more than 66% of traders hold long positions on memecoin, increasing the long-to-short ratio to nearly 2.
Thus, significant support from Binance traders could fuel the PepCoin rally to take advantage to reach price targets.
Increased network activity
With Pepe Coin re-trending, new and old investors are coming back to MemeCoin. According to IntoTheBlock, active Pepe addresses have increased by more than 100%, reaching 5.03k with 1.6k new addresses in the last 24 hours.
In the last 7 days, active addresses have increased by 78%, while new addresses have increased by 55%. Thus, the data reflects a rising tide of retail participation and renewed network activity.
Wheel and large holders support the fuel PEPE rally.
Growing support for whaling is one of the key fuels driving the ongoing Pepe rally. According to IntoTheBlock's Balance by Holding data, the Wheel Group, which holds between 1 trillion and 10 trillion PEPE, has increased its holdings by more than 10 trillion tokens in the past 48 hours.
Currently the holding balance of this whale group is 144.86 trillion PEPE. So, with the increasing interest of the whale, the memecoin rally could break the higher level.
Since mid-April, large holders have also gauged an underlying confidence in Pepe as Large Holders Netflow has remained flat to positive. 932.58 billion on May 8, reflecting increasing demand for Pepe from its major holders.
