Pepe Coin Confirms Bullish Trend, Poised for Price Discovery

Following its recent surge above its previous all-time high, Pepe (PEPE), the frog-themed meme coin, has solidified a new uptrend. This mid-cap token, with a fully diluted valuation of approximately $8.8 billion and daily trading volume of $4.8 billion, has appreciated over 150% in the past two weeks, entering a highly anticipated price discovery phase.

After consolidating for over seven months, PEPE is well-positioned for exponential growth in the coming period. The meme coin sector is anticipated to lead the next altcoin season, which is expected to commence with a significant decline in Bitcoin's weekly dominance.

Factors Driving PEPE's Upward Momentum

As a highly regarded meme coin on the Ethereum platform, PEPE has attracted substantial investor interest due to its deep liquidity on numerous DeFi protocols. Additionally, the recent breakout of Dogecoin (DOGE), the industry leader, has signaled the start of another meme season.

Last week, the Pepe community received significant support through its listing on major cryptocurrency exchanges, including Coinbase and Robinhood.

Short-Term Target and Technical Analysis

With Pepe shorts converting to longs, amplifying the macro short squeeze, the Ether-based meme coin is poised to continue its ascent. From a technical perspective, PEPE is potentially following a bullish breakout similar to the one observed in February 2024.

If this scenario unfolds, PEPE could potentially see a 10x increase from its recent breakout to $0.0009. However, traders should exercise caution due to the possibility of a fakeout before a definitive bullish breakout.