PEPE Eyes Key Levels in Bid for 60-Day Breakout
PEPE meme coin faces key resistance as rising demand and bullish sentiment suggest a potential rally to a 60-day high of $0.000012.
Pepe (PEPE), a popular meme coin, has been trading within a set range throughout October, encountering resistance at $0.000010 and finding support at $0.00000084.
With growing demand for meme coins, PEPE appears ready to break out of this range. Its price could potentially climb to a 60-day high of $0.000012.
Pepe Sees Spike in Demand
PEPE has traded within a horizontal channel since September 27. This channel is formed when an asset’s price moves within a range for some time. The upper line of this channel forms resistance, while the lower line represents support.
This sideways movement happens when a relative balance between buying and selling pressures prevents an asset’s price from trending strongly in either direction.
PEPE’s outlook is shifting, aligning with the recent surge in the broader meme coin market. Over the past week, activity in the meme coin sector has intensified, driving its market capitalization up by 19% to reach $63 billion — the highest level since June.
Read more: 5 Best Pepe (PEPE) Wallets for Beginners and Experienced Users
PEPE Price Analysis. Source:
TradingView
On-chain data highlights a sustained increase in demand fueling the PEPE meme coin rally. IntoTheBlock’s data shows a 27% spike in the daily count of new addresses that have traded the meme coin in the past seven days. Also, during the same period, the number of unique daily active addresses that have completed at least one transaction involving PEPE has increased by 11%.
When an asset’s price rises alongside an increase in daily active addresses (DAA) and new addresses, it often indicates growing network activity and user interest. A combined reading of PEPE’s rising price and active address count is a bullish signal that suggests a surge in interest in the meme coin.
PEPE Active Addresses. Source:
IntoTheBlock
PEPE’s bullish outlook is further reinforced by its positive weighted sentiment, currently at 0.168 — its highest since May. Weighted sentiment measures the market’s overall mood, with values above zero indicating predominantly positive social media discussions. This positive sentiment suggests that market participants anticipate continued price growth.
PEPE Weighted Sentiment. Source:
Santiment
PEPE Price Prediction: Where Meme Coin May Be Headed
At press time, PEPE trades at $0.0000094, edging closer to the upper boundary of its horizontal channel, a key resistance level. With rising demand for the meme coin, a breakout above this threshold could be imminent.
If it successfully turns the $0.000010 mark into support, it would set the stage for an uptrend toward its 60-day high of $0.000012, ensuring the continuation of the PEPE meme coin rally.
Read more: Pepe (PEPE) Price Prediction 2024/2025/2030
Pepe Price Analysis. Source:
TradingView
However, if buying momentum weakens, PEPE risks slipping back into its current range, potentially targeting the support at $0.0000084. Should the bulls fail to defend this level, PEPE could retrace further, eyeing the $0.0000070 mark.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Escaping a $1.4 Trillion Fine! Meta Reaches Settlement in Social Media Addiction "Life-or-Death Case," with Maximum Payment of $18 Billion
Meta has denied accusations from 29 US states that it induces addiction in children and teenagers through product design and illegally collects children's data, but has nonetheless agreed to a settlement of up to approximately $18 billion. As part of the settlement, Meta will limit daily usage time for minors, implement mandatory "pause" features and nighttime restrictions, strengthen age verification, parental controls, and harmful content protection, and restrict features such as "likes" and beauty filters that might enhance social comparison, while also accepting independent audit supervision.
Abercrombie & Fitch Lifts Full-Year Outlook as Fiscal Second-Quarter Results Top Views
Global Forex and Fixed Income Roundup: Market Talk
Key Data Released Ahead of Jackson Hole: U.S. July PCE Stuck at 3.7%, Q2 GDP Remains Unrevised at 1.5%, Consumer Spending Revised Upward but Stagnates in July
The Federal Reserve's most closely watched inflation indicator—the Personal Consumption Expenditures (PCE) Price Index—unexpectedly stabilized in July. The second estimate of the U.S. second-quarter GDP, released on the same day, maintained an annualized growth rate of 1.5%, but both consumer spending and business investment were revised upward from the initial figures. However, actual consumer spending in July was flat month-over-month, indicating that the economy cooled after strong growth earlier in the summer.
Crypto prices
More
