PEPE Price Targeting A New ATH In May 2024; What’s Happening?

PEPE Surges Towards New All-Time High

PEPE, one of the most renowned meme coins, has once again demonstrated its strength with a sustained surge over recent days, aiming for a new all-time high (ATH). Less than two months ago, PEPE reached an ATH of $0.00001074. Its current surge brings it within 19% of this target.

Within the past 24 hours, the token has witnessed a 2.24% increase, while over the past week, it has surged by an impressive 23.64%, elevating its value from $0.000006051 to its current $0.000008627. Additionally, it boasts a market cap of $3.64B, representing a 2.74% increase, and a trading volume of $720.79M.

Factors Driving PEPE's Price Surge

The recent surge in Bitcoin's price to $64K has positively impacted the broader crypto market. At the time of writing, Bitcoin trades at $64,329.25 after a 3.27% surge this week. Consequently, the global market cap has risen to $2.38 Trillion, a 2.22% increase.

This overall market performance has contributed to PEPE's price increase, but several other factors have also fueled its current surge, which is expected to assist PEPE in reaching its new ATH.

Bullish Sentiment for PEPE

Technical analysis indicates a surge in buying activity for PEPE. Moving averages data reveals that PEPE is in a strong buy zone. The MACD level also suggests a buying zone for the token. Increased buying pressure in the market is propelling PEPE's price higher.

Moreover, PEPE has traded above its 200-day SMA (simple moving average), indicating sustained positive price momentum. In the past 30 days, the token has experienced 18 green days, further evidencing bullish sentiment among PEPE holders.

Furthermore, the number of PEPE holders has increased significantly in the past month. On April 7th, approximately 199,268 holders were recorded, while today's data indicates over 251,308 holders.

PEPE's Perpetual Listing on Coinbase

In early April, Coinbase announced the listing of 1000 PEPE-PERP on its network. After some delays, the listing was finalized in late April, generating positive sentiment for the meme coin. It is now fully operational on the Coinbase International exchange and Coinbase Advanced, offering various order types such as market, limit, stop, and stop limit orders.

Conclusion

PEPE's price continues its upward trend, approaching its ATH value. Many investors anticipate that PEPE may establish a new ATH in the coming days due to its bullish indicators. PEPE has consistently ranked among the most profitable cryptocurrencies, boasting impressive gains over the past year.