After closing above the prior all-time high (ATH) last week, frog-themed meme coin, Pepe (PEPE), has confirmed a new rising trend. The mid-cap meme coin, with a fully diluted valuation of about $8.8 billion and daily traded volume of around $4.8 billion, rallied over 150 percent in the last two weeks, thus entering its much-awaited price discovery phase.
Having consolidated more than seven months, the PEPE price is now well bolstered to rally exponentially in the coming months. Moreover, the meme coin industry is expected to lead in the upcoming altcoin season, which will be triggered by a major drawback of Bitcoin’s weekly dominance.
Why is PEPE Price Moving Ahead of Others?
As a top-rated meme coin on the Ethereum ecosystem, with deep liquidity on various DeFi protocols, Pepe has attracted more investors in the recent past. Moreover, Dogecoin (DOGE), the largest meme coin, broke out of a multi-week bearish consolidation, thus signaling the onset of another meme season.
Last week, the Pepe community received major support via the listing on top-tier cryptocurrency exchanges led by Coinbase Global Inc. (NASDAQ: COIN) and Robinhood Markets Inc. (NASDAQ: HOOD).
Short Term Target
This leg up looks quite like in February. In just 40 days, price of $PEPE went more than 10x, from $0.000009 to $0.0001 in. If this repeats we might see $0.0009 by December 16. That would be quite a Christmas gift! 📈
With the Pepe shorts having converted to longs, which has strengthened the macro short squeeze, the Ether-based meme coin will continue to rally ahead. From a technical analysis standpoint, the PEPE price could be following a similar bullish breakout to the February 2024 rally.
If such a scenario plays out, the PEPE price could easily make a 10x from the recent bullish breakout towards $0.0009.
In the 1-hours time frame, Pepe price has been forming a potential bullish pennant, which could yield a rally toward a new ATH. Moreover, the weekly Relative Strength Index (RSI) has surged above the 70 percent level for the first time since May this year.
However, Pepe traders should be cautious of a potential fakeout to the lower end before a bullish breakout.