News, Price Analysis

Top Reasons Why PEPE Price Is All Set To Hit ATH Soon

The cryptocurrency market valuation slipped around 4 percent in the past 24 hours to about $2.48 trillion at the time of this report. Bitcoin (BTC) price has experienced significant bearish pressure after a death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential on the 12-hour time frame.

Meanwhile, cryptocurrency traders have shifted focus to the meme coin industry, significantly overshadowing utility-based altcoins. Furthermore, the meme coin industry has grown to over $54 billion in market cap and an average daily traded volume of about $6.2 billion.

PEPE Price Enrute for ATH 

Amid the ongoing cryptocurrency correction post-fourth Bitcoin halving, Ethereum-based meme coin Pepe (PEPE) has surged over 53 percent in the past seven days to trade around $0.00000726 on Thursday during the mid-London session. The recent Pepe perpetual futures listing 1000PEPE-PERP on the Coinbase International Exchange and Coinbase Advanced significantly contributed to Pepe’s bullish outlook.

According to a popular crypto analyst alias Captain Faibik, Pepe’s price against the US dollar is on the cusp of reaching a new all-time high. The crypto analyst noted that Pepe’s price has already broken out of a bullish flag after a six-week correction phase 

However, Pepe’s price must consistently close above the current support level on the weekly chart to ensure the bullish momentum continues in the near term.

Why Bet on the Meme Coins

Liquidity in most meme coins is expected to improve in the coming months as more investors participate in the market. The rise of dog-themed meme coins led by Dogecoin (DOGE) and Shiba Inu (SHIB) in the past bull cycles has inspired a new generation of meme coins. 

Moreover, most blockchains and web3 projects are using meme coins to spur adoption and increase on-chain activity.

 

SOURCE

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