Pepe Coin (PEPE) Price Gains Momentum as Altcoin Rally Looms for Late 2024

Pepe Coin (PEPE) Price Gains Momentum as Altcoin Rally Looms for Late 2024

Pepe Coin (PEPE), a prominent meme coin, is gaining attention as the cryptocurrency market prepares for a potential altcoin rally toward the end of 2024. Recent price movements suggest a bullish trend could be on the horizon, raising hopes for a significant price surge. However, the main question remains whether PEPE can push through the current bearish pressure and market corrections to reach a new all-time high (ATH).

Pepe Coin Price Targets 88% Surge Amid Meme Coin Craze

Amid the ongoing “meme coin supercycle,” Pepe’s price is struggling to maintain upward momentum. Despite the hype surrounding meme coins, new contenders like MOODENG and NIERO are rapidly gaining traction, presenting fresh opportunities within the meme coin ecosystem. Nevertheless, Pepe remains a key player in this cycle, with the potential to ride the wave of popularity and reach new price heights.

The meme coin market has seen renewed interest, with emerging tokens like POPCAT gaining attention alongside major players like DOGE and SHIB, highlighting the sector’s growing appeal to investors.

Can PEPE Break Through to a New ATH?

In the last month, Pepe Coin price has increased by 24%, with an additional 10% rise in the past week as bullish sentiment spreads throughout the market. However, over the past 24 hours, PEPE’s price has slipped by 3.97%, bringing it to $0.00009123.

The coin has experienced volatile trading, with daily lows of $0.0000909 and highs reaching $0.00009503. While this reflects a short-term setback, PEPE is still significantly higher than its all-time low of $0.00002764 from April 2023—a remarkable increase of 33,114%. However, it remains 46.56% below its ATH of $0.00001718, recorded in May 2024, showing that a full recovery is still underway.

Currently, PEPE faces resistance near the $0.00001 mark. If buying momentum strengthens, the coin could target its previous ATH of $0.00001718. Breaking through the critical $0.000015 barrier could spark a more substantial rally, potentially leading to an 88% price increase from current levels.

The Average Directional Index (ADX) sits at 17.13, suggesting that the trend could gain further strength if this figure continues to rise.

Throughout 2024, whale activity has played a significant role in PEPE’s price fluctuations. In mid-May, a sharp price increase coincided with a surge in whale transactions exceeding $100,000, indicating that large investors were driving the price upward during that period.

With Bitcoin holding above the $60,000 mark and whale activity influencing market dynamics, PEPE could see a strong rally if momentum continues to build. A new ATH may still be achievable, contingent on overcoming key resistance levels.