PEPE, a meme coin, has seen a surge of 16% in the last 24 hours while the net weekly gain mounts to 46%. The price is trading at $.00000161 at the time of writing, a fresh 5-month top.
The long-term projection for the coin remains vague, while an ambitious goal of hitting the $1 mark is far from being achieved. If that happens, it would make PEPE the most lucrative meme coin in crypto’s history. Saqib Iqbal, an analyst at Trading.Biz, analyses the prospects of PEPE.
The meme coins are susceptible to significant downturns after the accumulation. Lacking any fundamentals or utility threatens the coin’s future as many new entrants face a pump followed by a dump. Hence, surpassing the $0.0000020 level needs a meaningful bullish price action.
According to Santiment data, the number of wallet addresses indulged in the PEPE trading has hit all-time highs, a significant milestone. That counts for the twenty-five consecutive days. Despite the challenges, this data shows the sustained interest of investors in the coin. Despite the recent uptrend, a whale chose to sell many PEPE coins to book a profit of $230,000.
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Now the question arises, is the time for a correction after an uptrend? The Santiment data reveals a rising interest among the top addresses raising their holdings. Meanwhile, the retail investors are also accumulating. Profit-taking at current price levels is probable, and a further surge primarily depends on fresh demand.
Interestingly, the Binance’s trading data also suggests a mild bullish picture. The net inflow in large transactions in the 1D timeframe is significantly positive. Meanwhile, the small and medium orders also show a rise in buying.
PEPE weekly chart (Source: TradingView)
The price remains well protected by the 20-week SMA on the technical front. The volume bar for the recent week shows a rise with the rise in price. However, the immediate resistance emerges at $0.000019, which poses a short-term challenge for the buyers.
The 61.8% Fib retracement level lies at $0.0000029, which could be a short-term bullish target above the interim resistance of $0.0000019. It counts for an 85% gain from the current price. The all-time high for the coin lies at 0.0000439. The coin needs a nearly 200% push from current levels to test the all-time highs.
