Pepe coin (PEPE) price rally hits $0.00001264 with a 60% jump in four days, fueled by Ethereum’s rally to $2,400. Breaking technical patterns and key resistances, the seemingly unstoppable Pepe coin rally now hints at a new all-time high. Even a few key on-chain metrics support PEPE’s upside potential. So, here’s why the Pepe price could hit a new all-time high.
PEPE Coin Rally Marks Triangle Breakout
Pepe coin price reversal has surged 137% in the last 60 days from the $0.00000525 low formed on March 11. The bullish revival pumped Pepe to levels last seen on Feb 1 of $0.00001391. With a strong comeback, the frog-themed meme coin has breached the 50% Fibonacci level at $0.00001222 and marked a triangle breakout.
The exhaustion in PEPE price hitting an all-time high at $0.00002836 on December 9 led to multiple lower highs, creating a resistance trendline. The bearish trend bottomed on the March 11 swing low and hit the reversal button, creating a short-term support trendline. The covering trend lines formed a triangle pattern, and the Pepe coin gave a decisive breakout with the ~35% rally on May 8. Adding the internal height of the triangle to the breakout point provides a 161% price target near $0.000022.
The uptrend in PEPE faces opposition from the 200-day Simple Moving Average (SMA). However, the growing bullish influence on the 50- and 100-day SMA hints at a positive crossover. Furthermore, the MACD and signal line regain signal rising upward momentum with the recent crossover.
Based on the Fibonacci levels, the Pepe coin price prediction of a 161% rally to $0.000022 will likely continue to the 100% level at $0.00002649. A potential breakout could bring $0.000040 to investors’ attention as the next all-time high.
On the flip side, the $0.000010 is a key psychological support for Pepe, followed by the $0.0000090 demand zone. A breakdown under $0.0000090 will negate the triangle breakout rally thesis and could trigger a pullback to $0.00000563.
66% of Binance Traders Turn Bullish on Pepe
Amid the rising optimism in the crypto market, the Binance traders are extremely hopeful about Pepe. As per Coinglass, more than 66% of traders are holding long positions on the meme coin, raising the long-to-short ratio to nearly 2. Thus, significant support from Binance traders could provide leverage-driven fuel for the Pepe coin rally to hit extended price targets.
Increased Network Activity
With the Pepe coin trending again, new and old investors are returning for the meme coin. According to IntoTheBlock, active Pepe addresses have surged by more than 100%, reaching 5.03k with 1.6k new addresses in the last 24 hours. Over the past 7 days, the active addresses have surged by 78%, while the new addresses have jumped 55%. Thus, the data reflects a growing wave of retail participation and renewed network activity.
Whale and Large Holders Support Fuel PEPE Rally
The growing whale support is one of the key fuels catalyzing the ongoing Pepe rally. According to IntoTheBlock’s Balance by Holding data, the whale group holding 1 trillion to 10 trillion PEPE has expanded its holding by more than 10 trillion tokens in the past 48 hours. Currently, the holding balance is 144.86 trillion PEPE of this whale group. Hence, with the growing whale’s interest, the meme coin rally could break higher levels.
Since mid-April, the large holders have also projected an underlying confidence in Pepe as the Large Holders Netflow remains flat to positive. With 932.58 billion on May 8, reflecting the growing demand for Pepe by its large holders.
Conclusion
The growing demand for Pepe whales, paired with increased optimism among Binance traders, fuels the ongoing breakout rally. Hence, there’s a high likelihood of Pepe sustaining upward momentum to potentially reach a new all-time high.
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