Pepe Coin price targets further gains after recently breaking above its all-time high price. Market participants have become more bullish on the frog-themed meme coin, especially after it recorded an 8-month high in its weekly trading volume. Can the increasing volatility push the price of PEPE up by 280%?
Pepe Coin Price Targets 4X As Trading Volume Soars
Data from Coingecko shows that the PEPE price is currently trading at $0.00002012 with over $5 billion in trading volume. This represents an 11% decrease in the last 24 hours, likely due to traders booking profits and rotating liquidity into lower caps.
Despite this drop, the volume indicator from Tradingview shows that PEPE’s weekly volume surpassed an 8-month high. The last time there was this much trading volume, Pepe Coin price soared over 1,000%.
This increase could likely be attributed to the recent PEPE listing on both Coinbase and Robinhood. These developments spotlight the meme coin, increasing its popularity among investors.
Onchain analytics firm Santiment shows the Trending Social Rank of PEPE remained in the top 10 on November 13, 14, and 15, which coincided with prices skyrocketing within those three days.
The volume increase facilitated the recent breakout above a key consolidation structure, and PEPE price will like head for for a 280% upside move.
Technical Analysis: Will PEPE Price Soar 280%?
The PEPE price 1-week chart shows the asset has been trending inside a gigantic rising channel since May 2023, which is bullish. On the 4-hour chart, Pepe Coin’s price action shows a hidden bullish divergence, which usually resolves to the upside.
This bullish bias is further evident in the small 4-hour bull pennant forming in the same time frame. If the PEPE price breaks above the pennant, it could go on a 91% rally, reaching $0.00004. Based on the weekly rising channel, the next major resistance after $0.00004 is $0.00008468, 283% of the current price.
Can Pepe Coin Sustain Momentum for a Multi-Fold Surge?
Pepe Coin price is headed for a 280% rally in the coming days as the crypto market inches higher. Additionally, Tether company has minted $2 billion in the last 24 hours and sent it to exchanges, likely in preparation for the next move higher. This liquidity injection could boost the PEPE price by over 270% as the hype from Coinbase and Robinhood listing is still fresh.
Elon Musk also recently tweeted a post with Pepe the Frog, causing the PEPE price to increase slightly as the community hijacked the moment to shill the meme coin. He has been interacting with Pepe, and the character being the mascot of the PEPE community has caused the cost of the meme coin to go higher.
The post Can Pepe Coin Price Quadruple as Volume Hits 8 Month High? appeared first on CoinGape.
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