Pepe Coin price has launched higher in the past few weeks as the crypto fear and greed index moved to the extreme greed zone of 87. The token soared to a high of $0.00001490, its highest level since June 6, and 2,277% from its lowest level in 2023. This rally has pushed its market cap to over $5.7 billion.
Pepe Coin price could surge to ATH
The daily chart shows that the Pepe Coin price has made a strong bullish breakout after bottoming at $0.000058 in August. It has formed an inverse head and shoulders pattern, which is a popular bullish sign in the market.
Pepe token has jumped above the 50-day and 100-day Exponential Moving Averages (EMA), a positive sign. It has moved above the Supertrend indicator, which is a bullish sign in the market.
The Percentage Price Oscillator (PPO) indicator has moved above the zero line, while the Stochastic Oscillator has moved above the overbought level. It has jumped above the 23.6% Fibonacci Retracement level of $0.00001332.
Pepe Coin has jumped above the first support of the Andrew’s pitchfork tool. Therefore, the token will likely continue rising as bulls target the year-to-date high of $0.0000172, which is about 25% above the current level.
On the flip side, a drop below the key support at $0.000011, its highest point on September 29, will invalidate the bullish sign.
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Pepe holders are soaring
The Pepe token has also jumped because of the ongoing accumulation among investors. Data by Coincarp shows that the number of Pepe holders has jumped to over 303,907, a record high. It has risen from 204,000 in the same period last month.
Pepe’s futures open interest has also been in a strong bullish trend in the past few days. Data shows that the interest has jumped to over $214 million on Tuesday, the highest level on record. This is a sign that the token is seeing substantial demand from investors in the futures market. Its 24-hour volume has soared to over $7 billion, higher than its market cap of over $5.8 billion.
Meanwhile, analysts are upbeat about Pepe, with most of them expecting it to keep soaring in the coming months.
Pepe’s surge has also coincided with the ongoing rally of meme coins. The total market cap of all these coins has jumped to over $115 billion. Some of the other top coins that have soared are Dogecoin, Bonk, Neiro, Fwog, and Act I the AI Prophesy.
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