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    Pepe Price Prediction: PEPE is an outlier with over 15% gains as meme coins post single-digit surges

    Source Fxstreet
    Feb 26, 2024 23:59
    • Pepe price is up 15.16% to confront the midline of a multi-month supply barrier.
    • PEPE could rise 20% to reclaim the July 14 highs if it breaks and closes above the $0.00000159 mean threshold.
    • Invalidation of the bullish thesis will occur if the frog-themed meme coin decisively closes below $0.00000134.
    • DOGE, SHIB, and BONK are following with single digit gains among the memecoin top 4 list by market capitalization.

    Pepe coin (PEPE) price is trading with a strong bullish bias, outperforming the meme coin top four, including Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk Inu (BONK), which are up by single digits. Meme coins appear to be rallying after the Bitcoin price showed strength.

    Also Read: BTC ETF AUM could surpass Gold, expert says, amid enthusiasm for new investment funds

    Pepe price eyes 20% gains

    Second only to Solana’s Dogwifhat (WIF), which is up nearly 30%, Pepe price has soared over 15% with potential for more gains as technical indicators flash bullish. The token is confronting resistance at $0.00000159, marking the mean threshold of the supply zone that extends from $0.00000146 to $0.00000172. A break and close above this blockade would confirm the continuation of the rally.

    Notice the supply barrier has been a multi-month roadblock for the Pepe price, barring its upside potential since before July 2023. Based on the Relative Strength Index (RSI), PEPE is already overbought, though not ripe for selling, based on Welles Wilder’s interpretation, the father of several technical indicators that are now considered the core tenets of technical analysis software.

    With the RSI still northbound, Pepe price could extend the gains 20% to reclaim the $0.00000189 range high. In a highly bullish case, the gains could extend beyond this blockade for the frog-themed token to hit $0.00000200 psychological level, nearly 26% above current levels.

    The Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) show that the bulls maintain a strong presence in the PEPE market, seeing as large volumes of green histogram bars continue to hold in positive territory on the daily chart. The MACD is also moving above its signal line, reinforcing the possibility of a strong bullish cycle in play.

    PEPE/USDT 1-day chart

    On-chain metrics supporting bullish outlook for PEPE

    Multiple on-chain metrics support bullish outlook for Pepe price, starting with the striking surge in daily active addresses from 817 to 1,512 between February 22 and 26, representing an 85% surge in four day. This metric shows that there has been an 85% increase in new PEPE addresses creation, pointing growing crowd interaction with PEPE. The active addresses metric for the 24-hour timeframe accentuates this thesis with an almost similar spike showing growing network activity.

    Also, the Network Realized Profit/Loss has also surged from -243,000 to 1.69 million between February 24 and 26. This metric is used to determine the gains or losses realized by an asset’s holders. It therefore means that on February shows that on February 24, PEPE holders realized $243,000 in losses, seen with the large downward spike in the chart below. They are currently in profit, however, with Pepe price reclaiming multi-month highs.

    PEPE Santiment: Daily active addresses, active addresses-24 hours, NPL

    Also, the whale transaction count for addresses moving more than $100,000 and over $1 million worth of PEPE is increasing. Coupled with the volume metric which is also showing a notable spike, points to a renewed interest in PEPE.

    PEPE Santiment: Whale transaction count, volume

    On the flip side, if the supply barrier holds as a resistance, ultimately seeing PEPE price rejected from its midline, the meme coin could retest the $0.00000134 support level, below which the bullish thesis would be invalidated.  

    A bearish directional bias could send Pepe price to find support around the $0.00000110 support, or in a dire case, extend a leg down to the $0.0.00000085 support floor. 

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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