How high can Pepe Coin price climb in 2024?

As Pepe Coin price rebounds, bullish momentum signals potential gains ahead

Pepe (PEPE), the third-largest meme coin, made a significant recovery on Tuesday to $0.000021, its highest level since November 18 and up 260% from last year’s low.

The rise coincides with Bitcoin (BTC) approaching the critical $100,000 resistance level, sparking a wave of fear of missing out among crypto investors as the fear and greed index climbs to 85.

On-chain data reveals continued purchasing activity from Pepe whales. A whale reportedly moved $2.3 million worth of PEPE from Binance to a private wallet. Data from Llama Feed shows whales purchased over $10 million worth of PEPE on Thursday, November 21.

PEPE’s transaction volume also increased; The 24-hour volume reached over $5 billion, making it the second most traded meme coin after Dogecoin, which recorded $10.2 billion in daily volume.

Pepe Coin price can be strengthened Pepe chart | Source: crypto.news

Pepe Coin’s chart shows strong bullish signals that could cause the cryptocurrency to rise even higher in the coming months. First, the token formed a historically bullish cup and handle pattern with an upside at $0.00001721.

Secondly, PEPE has broken above its 50-day and 200-day Exponential Moving Averages, indicating that the bulls are firmly in control.

Third, a bullish engulfing candlestick pattern has emerged. Characterized by a large green candle that completely covers the previous red candle, this pattern often precedes significant price breakouts.

In this case, the cryptocurrency will likely rise and reach this month’s high of $0.000025, which is about 23% above the current level. A break above this level will invalidate the double top pattern and signal further gains.

By measuring the distance between the upper and lower bounds of the cup, technical forecasts estimate a potential price of $0.000045, representing an increase of approximately 110% from current levels. Conversely, a decline below the $0.000016 support would invalidate the bullish view.