The price of Pepe Coin went parabolic on Thursday, forming its first ‘god candle’ since last November. The token surged by over 30%, reaching a high of $0.00001170, its highest level since February this year. It has more than doubled from its lowest point this year, making it one of the top-performing tokens. So, can it soar by 150% and hit its all-time high?
Pepe Coin Price Technical Analysis
The daily chart shows that Pepe’s price went parabolic and reached a high of $0.00001170. This rebound happened after the coin formed a double-bottom chart pattern at $0.00005730. It has now moved above the neckline of this pattern at $0.0000092, which confirms a bullish breakout.
Pepe’s price moved above the 50-day and 100-day Exponential Moving Averages (EMA), indicating that the bullish trend is gaining momentum. Also, the Relative Strength Index (RSI) and the Average Directional Index (ADX) have pointed upwards, which is a highly positive sign.
Therefore, the most likely forecast for Pepe is a break-and-retest pattern and then move back to the neckline at $0.0000092. If this happens, the token will likely resume its upward trend and move to the 50% Fibonacci Retracement level at $0.000017. A move above that level could lead to more gains, potentially reaching the all-time high of $0.00002813.
Read more: Can Pepe Price Realistically Soar to $1 by 2030?
Why the Pepe Meme Coin is Soaring
There are a few reasons why Pepe’s price is surging. Firstly, as an Ethereum meme coin, it surged after ETH moved above $2,200 for the first time in months. This was a major milestone for a coin that has crashed by over 50% in the past few months.
As we recently mentioned, Pepe tends to perform well when Ethereum is thriving. As such, its future price action will depend on whether Ether continues rising.
Ethereum, meanwhile, will be influenced by Bitcoin’s performance, as Bitcoin has soared above $104,000 for the first time in months. Analysts are highly optimistic that Bitcoin has more upside, with Standard Chartered apologizing that its $120,000 forecast was too low.
The price of Pepe Coin also jumped as the crypto fear and greed index approached the greed zone this week. Data shows that the figure jumped to 56, a significant increase from the year-to-date low of below 20. It is likely to continue rising as bullish momentum gains strength.
Additionally, the Pepe Coin price rally will depend on the upcoming trade talks between the US and China. A deal would lower recession risks and lead to more gains in the stock and crypto market.
