Since the beginning of November, the frog-themed meme coin Pepe has experienced solid bullish momentum, with its price revisiting old highs, ultimately setting a new all-time high of $0.00002524. Following this surge, the token has recorded a monthly gain of 117%, fueled by a massive $5 billion trading volume and optimistic sentiment surrounding the Bitcoin cryptocurrency.
According to TradingView’s data, PEPE’s price action caught traders’ attention, as the recent surge marks a recovery from its prolonged consolidation within a descending channel earlier this year. The chart shows that the descending channel had limited the cryptocurrency’s price action for months.
However, the breakout, catalyzed by an 89% weekly gain, has pushed PEPE’s value past its resistance, triggering a fresh wave of market optimism. This scenario aligns with the altcoin’s historic rallies, where the meme coin surged over 705% after breaking out of a similar descending channel to a peak of $0.00001083 in the first quarter of this year. With its price now entering uncharted territory, market analysts predict possible upward trajectories for PEPE as it continues to ride the momentum of its recent breakout. The question remains: How high can PEPE cryptocurrency go?
PEPE Price Prediction: Analyst Forecast $50B Market Cap Target
One such example is market expert Max, who believes that PEPE has the potential to become the “Why didn’t I buy it” meme coin of this cycle. According to Max, the token could reach $50 billion in market capitalization, cementing its place as a key player in the cryptocurrency market.
"In my opinion $PEPE has the highest probability of being this cycles "Why didn't I buy it" bag.One day this painting will be finished. #PEPE will have gone on to flip the elusive 50B MC level & the world will be in order. I told you then & I am telling you again now… there… — Max (@MaxBecauseBTC) November 13, 2024
As highlighted in his analysis, the recent breakout from a “mega demand” zone strongly mirrors the historical price actions of similar meme coins like DOGE and SHIB, which experienced huge gains after similar patterns. Chart comparisons show parallels between PEPE, DOGE, and SHIB, which saw demand surges at critical accumulation phases.
For PEPE, the deviation from the consolidation zone and its subsequent rally signals a pattern of explosive growth, with many market participants predicting a continued upward trajectory as FOMO increases. Should this scenario materialize, the token’s market value could settle around the $0.00014 threshold.
Technical Indicators Hint at a Decisive Bullish Sentiment
From a technical standpoint, PEPE’s indicators align with a sustained bullish outlook for the long term. The RSI index, for instance, presently hovers above 70, indicating overbought conditions. While overbought conditions often hint at potential price corrections, PEPE’s historical price action demonstrates that extended stays in this zone frequently lead to exponential rallies.
Earlier this year, PEPE’s RSI remained overbought for weeks, driving a 705% surge. Should this behavior repeat, the token could experience another major leg up, targeting new all-time highs. The MACD is another key factor, with its MACD line at 0.000001498, above the signal line at 0.000000777, implying a strong positive alignment that supports a continuation of the uptrend. This bullish crossover, accompanied by increasing green histograms, often precedes substantial price movements.