Pepe (PEPE), a meme coin conceived during the crypto winter, has recently experienced an extraordinary price increase, doubling its market capitalization to $500 million in less than a week. Traders' anticipation of a favorable trend caused by introducing a Bitcoin (BTC) spot ETF is driving this increase.
Amid the recent bear market, this frog-themed meme coin initially garnered significant optimism, reaching a market capitalization of $1.6 billion in early May. However, its market capitalization fell to $244 million this month, diminishing the initial excitement. Now, however, it appears Pepe has escaped this downtrend, as trading volume and on-chain activity have increased significantly.
A post on Pepe's official page last week disclosed that more than 155,000 wallets, including all token bridges to Arbitrum and BSC, held Pepe. Moreover, this recent increase in Pepe's value can be ascribed to a $5.5 million token burn on last Tuesday.
Is it too late to buy the PEPE coin?
Let’s see the Pepe (PEPE) Price Prediction from the PEPEUSDT technical analysis:
PEPE/USDT Formed A Double Bottom Breakout
In the PEPE/USDT daily chart, the current price trades within a bullish impulsive pressure supported by a double bottom rejection at the 0.00000060 support level. Moreover, the bullish pressure is supported by a breakout from the 20-day EMA level. Therefore, as long as the price trades above the dynamic support level, we may expect a possible buying pressure in the coming days.
In the broader context, strong selling pressure came with a Head and Shoulders breakout in June 2023, which formed a deeper discount to the 0.00000060 level. As the recent price formed a consolidation and a bullish breakout, we may consider this level as a solid bottom.
In the higher timeframe, the weekly price suggests an ongoing upward pressure, where a solid close is needed before aiming for a trend extension. However, the monthly candle suggests a bullish breakout where a candle close is needed to validate the upside pressure.
The RSI reached the overbought level in the secondary window, which signals a pending downside correction.
In the daily chart, the potential pump-and-dump scheme could threaten the bullish possibility, which is very common for meme coins. In that case, an immediate bullish pressure with a proper bearish rejection from the 0.00000150 to 0.00000200 area could be a short opportunity, targeting the 0.00000060 level.
On the other hand, an immediate bearish correction towards the dynamic 20 EMA is possible, but a strong bearish daily candle below the 0.00000086 level could eliminate the bullish possibility.
PEPE/USDT Ichimoku Cloud Analysis
In the H4 timeframe, Ichimoku Cloud could offer a profitable trend trading opportunity as the future cloud shows an upward pressure in Senkou Span A and Senkou Span B. As a result, any bullish opportunity from the near-term area could be a highly probable trading opportunity in this token.
The Kijun supports the buying pressure, while the broader market outlook is solid with a Rally-Base-Rally formation.
The Traders Dynamic Index indicator validates the buying momentum where a bullish trend is visible. The current TDI level has reached the lower band level from where buying pressure may appear. Meanwhile, the minor bearish correction is also pending as a mean reversion with the dynamic level.
Based on the H4 Pepe Coin Price Prediction, any immediate rejection from the dynamic Kijun Sen could be a buying opportunity, targeting the 0.00000150 level. The market sentiment is a crucial term here as a Pump and Dump Scheme with a proper break below 0.00000100 could eliminate the bullish outlook.
PEPE/USDT Intraday Price Action Analysis
In the H4 chart, a bullish pressure is questionable as the recent price became volatile at the top. The visible range high volume level is at 0.00000119 level, which is near the current price. It is a sign that investors have become active at the top, which could result in an impulsive trend.
The dynamic support shows buying pressure as the weekly VWAP is below the current price. On the other hand, downside pressure is visible from the MACD Histogram, which moved to the bearish zone
Based on the H4 Pepe Price Prediction, the first long opportunity might come from the 0.00000110 static support level. However, breaking below the VWAP level with a bearish H4 candle might lower the price towards the 0.00000086 level.
Is PEPE/USDT A Buy?
It is often hard to identify a bullish potentiality for a meme coin, as a strong pump can result in a reversal at any time. However, PEPEUSDT buying pressure could appear after a considerable downside correction, and investors should keep a close eye on how the price reacts to intraday support levels.