After hitting an all-time high of $0.00002331, Pepe Coin price has corrected 6.7% and is now trading at $0.00002115. PEPE price doubled in the last 7 days following a combination of events, including the Bitcoin rally and the recent listing of the meme coin on the Coinbase exchange. How high can the price of PEPE soar after breaking the previous all-time high?
Pepe Coin Price on Fire: What’s Driving the Rally?
PEPE price is up 97% in the past 7 days and over 135% in the last two weeks. The price action remains bullish as market observers speculate the frog-themed meme coin will rise higher.
The increase came as a result of Bitcoin’s pricece rally starting November 5 after Donald Trump won the U.S presidential elections. On November 14, Coinbase and Robinhood confirmed PEPE listings, causing the token to soar further, breaking its previous all-time high price.
Pepe Coin price also has a high correlation with both Ethereum and Bitcoin and followed these assets while they rallied.
These factors combined have caused the price of PEPE to soar.
Short-Term PEPE Price Technical Analysis: Key Levels to Watch
PEPE price chart shows symmetrical triangle breakout to the upside, signifying a shift from a consolidation phase to a bullish trend. The volume during the breakout was significantly higher than previous sessions, suggesting that buyers have entered the market aggressively, validating the breakout.
The current move can be considered the start of an impulsive wave (Wave 3) in Elliott Wave theory, given the strong breakout from consolidation. This suggests potential continuation towards higher Fibonacci levels.
Pepe Coin Price Analysis Chart
Key Key levels to watch on the Pepe Coin price action include The breakout point around 0.0000176 which represent the immediate support, and below that, the lower trendline support near $0.0000100.
On the way up, PEPE will likely encounter resistance around $0.00002597, $0.0000300 and $0.0000343.
Can PEPE Sustain Its Momentum?
On-chain metrics suggest that Pepe Coin price is bound to move higher. But first, the large bullish engulfing candle spotted on the breakout indicates strong buyer momentum. This typically signals a continuation to the upside.
Additionally, data from IntoTheBlock (ITB) shows buyer activity soared to a 1 year high, with large investors adding 4.7 trillion PEPE ($101 million) between November 13 and 14.
Moreover, the percentage of whales on PEPE dropped by 3.48% in the last month, while normal investors and retail increased by 1.91% and 2.31%, respectively. This re-allocation will lead up to a healthy token distribution that is usually a primer for higher price movements.
Investor Caution: Is a Correction Coming?
Despite the soaring prices, a deeper analysis into PEPE tokenomics reveals a somewhat concerning discovery. According to data from Coingecko, Pepe Coin has a total and maximum supply of 420.69 trillion. The maximum supply is supposed to be amount of coins that will be be in existence and no more.
However, Santiment analytics shows the total supply of PEPE has been increasing gradually.
As opposed to the expected 420.69 trillion maximum supply, Santiment shows there is a total of 422.96 trillion PEPE in existence. This is concerning because it suggests, among other things, that the PEPE developer is minting tokens and dumping on the market.
There has been no official comment from the Pepe developers concerning this anomaly.
The post Pepe Coin Price Prediction After PEPE Doubles In a Week appeared first on CoinGape.
