PEPE Price Prediction – Why PEPE Could Eliminate A Zero Soon

Highlights:

• PEPE is trading at a critical resistance level 
• Rally through resistance could see PEPE rally to $0.00001
• Rising broader market momentum could trigger such a rally for PEPE

PEPE is one of the top performers of the top 100 cryptocurrencies by market cap. When writing, the meme-inspired token was trading at $0.000009200, a 12% increase on the day. A significant increase in trading activity has also supported this surge. PEPE now has a 24-hour trading volume of $1.2 billion, representing an increase of 75.20%. This surge in interest indicates a growing trend among investors, which, along with broader market trends, has increased investor interest.

Bitcoin Rally Driving PEPE Momentum

This rally in PEPE came closely after Bitcoin’s breakout, which saw it exceed the $90,000 mark yesterday. In the past, Bitcoin’s upward movements tended to act like a magnet for PEPE and the broader crypto ecosystem, and it looks like PEPE is riding Bitcoin’s wave this time too.

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The best part is that Ethereum is not lagging this time, showing strong performance alongside Bitcoin. That’s unlike the recent past, where Ethereum lagged behind Bitcoin. This further adds bullish fuel to the fire, especially for PEPE and other Ethereum-based tokens. If Ethereum gains even more traction, meme coins and other tokens built on ERC-20 could increase demand, enabling them to take advantage of enhanced liquidity and speculative momentum.

Technical Indicators Suggest that PEPE Is At the Critical Range of Resistance

PEPE is hitting the 0.618 Fibonacci retracement level, and the price coincides with the prior significant volume-based resistance. Should PEPE be rejected at this level, analysts expect a minor pullback in the immediate term. However, PEPE carries a broader bullish structure, especially after the last 24-hour pump. Forming a higher low would strengthen the veracity of the possible continuation of an uptrend on local timeframes.

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Liquidity has also been accumulating underneath the present range since last Wednesday. A sweep of this liquidity and quick recovery above the low would create a swing failure pattern (SFP). Most traders will interpret this as a bullish reversal. 

If such a pattern comes to fruition, it would reinforce the narrative of a higher local low, which is commonly seen before the price makes a strong move upwards. In this case, analysts expect a 35% upside from the current levels, targeting a retest of the recent swing high. 

Market Conditions Favor More PEPE Upside

That said, this bullish scenario relies heavily on the state of the other assets. PEPE is likely to keep gaining strength as long as major assets like Bitcoin and Ethereum continue to be strong, which may see it draw in investors seeking parabolic price moves.

Technical Analysis – PEPE Price Making Higher Lows

PEPE is currently trading in a bullish channel, which is making higher lows. This indicates that every slight dip in price is being bought up, and investors expect PEPE to keep going up into the foreseeable future.

If Bitcoin sustains the momentum it has built up so far, the key level to watch for PEPE would be $0.00000921, now a key resistance level. A rally through this resistance could see PEPE eliminate a zero in the short term. On the other hand, if PEPE bulls fail at the $0.00000921 resistance, then a correction to the $0.00000908 support could follow. 

As long as PEPE holds above critical support levels, its direction will likely be upwards. With the ongoing broader price action, PEPE may retest previous highs and potentially eliminate a zero.