Pepe (PEPE) has gone up by 5.4% in the past week and has managed to outperform other well-established peers in the meme coin space like Dogecoin (DOGE) and Shiba Inu (SHIB).
Traders’ interest in PEPE has been surging lately as the outstanding amount of futures contracts – a metric known as open interest – has surged to an all-time high of $650 million.
A handful of meme coins, especially those in the Solana blockchain, have been experiencing a wave of positive momentum and Pepe seems to have captured a share of that hype.
Tokens like Fartcoin (FARTCOIN) and SPXX6900 (SPX) are among the best performers of the past month in this category with gains higher than 40%.
PEPE’s recent rally has solidified its dominance of the third spot in the list of most valuable meme coins with a market cap of $5.2 billion or $3 billion more than what its nearest contender, Official Trump (TRUMP), is worth.
After a strong rally that nearly PEPE’s price from around $0.0000080 to $0.00001600, is this meme coin poised to experience a much-needed correction or is it ready to retest those local highs?
In this Pepe price prediction, we look at the latest price action to try to answer that question.
Pepe Price Prediction: A Retest of $0.00001100 Seems Highly Likely
Pepe (PEPE) broke its trend line support in late May when it decisively dropped below the $0.00001300 level with strong volumes.
Back then, the price found support at $0.00001100 for the first time but then dropped near the $0.000010 level. This turned out to be the most relevant support for PEPE during this pullback.
Momentum indicators have shown signs of improvement as the Relative Strength Index (RSI) recently climbed above its 14-day moving average, meaning that the latest uptrend has been gaining strength.
PEPE seems to have rejected a move above the 200-day exponential moving average (EMA) temporarily and this could prompt a retest of the $0.00001100 support. If the price once again bounces off that level, this would favor a bullish Pepe price prediction.
In that case, the near-term target for PEPE could be set at $0.00001500.
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The post Pepe Price Prediction: After a 30% Run, Is a Healthy Pullback or Bigger Rally Coming? appeared first on Cryptonews.
