- PEPE has been on an overall downtrend since May.
- However, PEPE could retest its previous ATH sometime in the coming months
Pepe [PEPE] bulls have really showed up since the second week of September. The memecoin is now on track to conclude the month in the green. But can it sustain the current momentum and what can we expect in October?
PEPE has been on an overall downtrend since May. The bearish momentum bottomed out within the $0.00000897 price range on multiple occasions. As a consequence, price has been leveling out at that range, followed by some bullish momentum.
The above findings suggest that most holders are not willing to sell below that range. Therefore, this provides a local bottom from where we can make short-term and long term PEPE price predictions.
The memecoin has so far pulled off a 42% rally from its September lows to its $0.00000908 press time price.
PEPE short term price prediction
Fibonacci retracement puts PEPE’s next major price target between $0.00001153 and $0.00001287. This is based on its current 5-month lows and 5-month highs.
This means PEPE could rally for another 26% on the lower price target and over 40% on the higher target.
Source: TradingView
PEPE addresses by time held may support the short-term prediction. The number of addresses holding PEPE for over 1 year has been rising since April. This confirms that most buyers (almost 85,000 addresses) who purchased the memecoin over a year ago are still holding.
We also observed a slight dip in the cruisers category, which indicates that swing traders sold off some coins. However, addresses in this category have been growing and are now more than they were at PEPE’s peak in May.
Source: IntoTheBlock
There were roughly 183,000 addresses at the May peak but the number of cruiser addresses was above 196,000 as per the latest data on 25th September.
The number of traders fell from over 62,000 addresses in May but have since dropped just below 17,000 addresses. This suggests that PEPE experienced a shift in favor of holding for longer durations. An outcome that may lead to less friction for the bulls.
Read Pepe’s [PEPE] Price Prediction 2024-25
As far as PEPE’s long-term price prediction is concerned, the memecoin could retest its previous ATH of $0.000017 sometime in the coming months, likely in 2025.
However, the likelihood of this happening depends on whether the bulls will make a strong comeback and deliver a major rally as per expectations. The latest recovery is in line with the shift in market sentiment in favor of the bulls this month.
Powered by WPeMatico
