PEPE Coin Bounce Back, Can PEPE Coin Reach $1?

As the crypto market rebounded, PEPE re-emerged as a prominent player. On July 15, 2024, the frog-themed memecoin surged by approximately 23.04%, followed by a further 9.27% rise the following day, breaking above the 50-day exponential moving average curve.

According to data from IntoTheBlock, 83% of PEPE holders are currently profiting, indicating a bullish signal.

PEPE Coin Performance and Technical Summary

PEPE coin delivered an impressive performance this week, generating an approximate 33.98% return based on TradingView data. Over the past 3 months, it has grown by 147.48%, 965.20% in the last 6 months, and 839.44% year-to-date. This remarkable performance reflects the bullish momentum in Pepe.

Furthermore, Tradingview's technical summary indicates that out of 25 indicators, 14 are on the Buy side, 9 are on the Neutral side, and only 2 are on the Sell side, suggesting strong buying momentum for PEPE coin.

PEPE on the Technical Chart

On the daily technical chart, PEPE is trading in a bullish region above key exponential moving averages.

Source: Tradingview

PEPE halted at a price of $0.000017233362 and subsequently traded in a downward channel. However, it recently broke out of this channel, showcasing increased buyer interest.

At the time of writing, Pepe was trading at $0.000012115138 with a market cap of 5.12 Billion and a trading volume of 1.75 Billion over the past 24 hours.

Technical Indicators

The MACD indicator has also turned bullish. The MACD curve and signal curve have formed a bullish cross and are trending upwards with green histograms.

The RSI curve is also trading near the overbought zone at 59.73 above the 14 SMA curve, indicating continued bullish momentum.

Outlook for PEPE Coin

If the current buying momentum continues, the price of PEPE could potentially reach $0.000017233362 in the upcoming sessions.

Can Pepe Coin Reach $1?

PEPE has shown impressive growth in recent years, outperforming BTC and ETH in terms of gains. It currently ranks as the third largest meme coin by market cap. However, reaching $1 would require substantial and sustained buying support, which currently appears challenging.

Conclusion

PEPE coin has demonstrated significant growth and bullish momentum, particularly in recent months. With impressive returns and strong technical indicators, it has captured the attention of many investors. However, despite its remarkable performance and position as the third largest meme coin by market cap, reaching $1 remains a challenging goal that would require substantial and sustained buying support. For now, while PEPE continues to show promise, achieving the $1 mark appears unlikely in the near future.