Top Reasons Why PEPE Price Is All Set To Hit ATH Soon

Top Reasons Why PEPE Price Is All Set To Hit ATH Soon

Coinpedia Fintech News

The cryptocurrency market valuation has dipped by approximately 4% within the past 24 hours, standing at around $2.48 trillion at the time of writing. Bitcoin (BTC) has faced significant bearish pressure after a death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential on the 12-hour time frame.

Meanwhile, cryptocurrency traders have shifted their focus to the meme coin industry, which has significantly overshadowed utility-based altcoins. The meme coin industry has grown to over $54 billion in market capitalization, with an average daily traded volume of about $6.2 billion.

PEPE Price En Route for ATH

Amidst the ongoing cryptocurrency correction post-fourth Bitcoin halving, Ethereum-based meme coin Pepe (PEPE) has surged over 53% in the past seven days, trading around $0.00000726 on Thursday during the mid-London session. The recent Pepe perpetual futures listing 1000PEPE-PERP on the Coinbase International Exchange and Coinbase Advanced has significantly contributed to Pepe's bullish outlook.

Source: CryptoCove pic.twitter.com/KXrNhMliXV— Bitcoinsensus (@Bitcoinsensus) April 25, 2024

According to popular crypto analyst Captain Faibik, Pepe's price against the US dollar is on the verge of reaching a new all-time high. The analyst notes that Pepe's price has already broken out of a bullish flag after a six-week correction phase.

However, Pepe's price must consistently close above the current support level on the weekly chart to ensure the bullish momentum continues in the near term.

Why Bet on Meme Coins

Liquidity in most meme coins is expected to improve in the coming months as more investors enter the market. The rise of dog-themed meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) during the past bull cycles has inspired a new generation of meme coins.

Moreover, many blockchains and web3 projects are leveraging meme coins to drive adoption and increase on-chain activity.