The PEPE price has taken a dip this week, dropping from its all-time high of around $0.000017 to current levels of $0.000013.
This has left many meme coin investors wondering where the PEPE price is headed next and whether it can actually flip Shiba Inu as the second-largest meme coin by market capitalization. Let’s dig into details.
PEPE Price Forecast
PEPE’s price has followed an interesting pattern, according to the analysis by davie satoshi, a crypto analyst with a following of 13k on X. He notes that PEPE’s market cap has peaked at three distinct levels: $1.8 billion, $4.2 billion, and most recently, $6.9 billion. Remarkably, each successive peak has been approximately $2.5-2.7 billion higher than the previous one. This pattern suggests a predictable growth trajectory dictated by the community’s interest and investment activity.
Thus far, $PEPE has peaked at $1.8b, $4.2b and now $6.9b market cap. This was almost predictable and dictated by the community. Each peak is about $2.5-2.7b apart.
So is the next peak at $10b?
That would spell a price of about $0.0000241.
or HIGHER?
🐸 pic.twitter.com/GozhruTFHy
— davie satoshi (@NFTdavie) May 30, 2024
Based on this observation, davie satoshi speculates that the next potential peak for PEPE’s market cap could be around $10 billion. If this projection holds true, it would translate to a PEPE price of approximately $0.0000241, representing an almost 2x upside potential from current levels.
CryptoForexGem, a respected TradingView analyst known for insightful analysis, offers a different perspective. According to their assessment, PEPE chart has recently encountered an important resistance zone on the daily timeframe. As a result, CryptoForexGem expects a healthy retracement or pullback in PEPE’s price.
Soruce: TradingView/ideas/CryptoForexGem
However, this retracement could present an attractive opportunity for investors to enter long positions. CryptoForexGem suggests that if PEPE’s price retreats close to its previous all-time high of around $0.000011, it could potentially bounce back and resume its uptrend, targeting new highs. This analysis highlights the potential for PEPE to consolidate before potentially embarking on a fresh rally.
On the other hand, More Crypto Online, an influential account with 18k followers on X, offers a more bearish outlook for PEPE’s price. According to their analysis, which relies on Elliott Wave theory, PEPE’s price likely formed a top in wave (3), and the current price action is unfolding as wave (A) of (4).
More Crypto Online suggests that wave (A) could potentially form a low in the current price region. Furthermore, they identify the ideal support level for a fourth wave as the 38.2% retracement level, which corresponds to a price of around $0.0000127386. If this scenario plays out, PEPE could experience further downside before finding support and potentially resuming its uptrend.
$PEPE: The price likely formed a top in wave (3) and wave (A) of (4) seems to be unfolding right now. It is possible that wave (A) forms a low in the current price region. The ideal support level for a fourth wave is typically the 38.2% retracement at around $0.x127386.#Pepe… pic.twitter.com/cTb3g803Eg
— More Crypto Online (@Morecryptoonl) May 29, 2024
Technical indicators also provide insights into PEPE’s price movements. The Relative Strength Index (RSI) is currently around 30, indicating oversold conditions and a potential for a price rebound. Additionally, the Moving Average Convergence Divergence (MACD) line is below the MACD signal line, suggesting bearish momentum in the short term.
Based on the various analyses and technical indicators, PEPE’s price forecast remains uncertain, with potential for both further downside and a recovery towards new highs. Regardless, PEPE flipping SHIB in terms of market cap now seems a bit unrealistic following this week’s correction.
Briefly, it’s worth mentioning PlayDoge, a new meme coin that combines the Doge meme with a Tamagotchi-style virtual pet concept. PlayDoge is currently a hot crypto presale, having raised almost $400k in just 2 days. This could potentially be one the meme coins to buy as a Pepe alternative.
Cryptonews YouTube channel with almost 10k subscribers posted a positive video about PlayDoge today, calling it a meme coin with 100x potential.
Conclusion
To sum it up, as the PEPE price fluctuates, investors are closely monitoring its potential to surpass Shiba Inu’s market cap and become the second-largest meme coin. While analysts’ predictions and technical indicators offer valuable insights, the future of PEPE’s price remains uncertain. Based on multiple Pepe price predictions, we might see a longer correction phase before the next leg up.
Related
Best Meme Coins to Buy in 2024 – PlayDoge ranks above Pepe
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