PEPE Coin Bounce Back, Can PEPE Coin Reach $1?

PEPE Coin's Impressive Surge and Future Prospects

As the crypto market bounced back PEPE was also back in the game. On 15 July 2024, the frog-themed memecoin surged approximately 23.04% and on the very next day, it advanced by 9.27% breaking above the 50-day exponential moving average curve.

Moreover, according to IntoTheBlock’s data, 83% of PEPE holders are making money at the current price which is also a bullish signal.

PEPE Coin Performance And Technical Summary

This week PEPE coin's performance was outstanding as it gave approximately 33.98% return according to trading view data. In the last 3 months, it has grown by 147.48%, 965.20% in the last 6 months, and 839.44% year to date. This impressive performance shows the bullish momentum in Pepe.

Moreover, according to Tradingview's technical summary out of 25 indicators, 2 are on the sell side, 9 are on the neutral side and 14 are on the Buy side suggesting buying momentum in Pepe coin.

PEPE On the Technical Chart 

On the daily technical chart, PEPE is trading in the bullish region above the key exponential moving averages suggesting bullishness. 

Source: Tradingview

PEPE was halted at the price of $0.000017233362 and then traded in a downward channel. Recently it gave a breakout from the channel showcasing buyers' presence in PEPE.

At the time of writing Pepe was trading at $0.000012115138 with a market cap of 5.12 Billion and the past 24 hours trading volume was 1.75 Billion.

Furthermore, the MACD indicator was also tuned bullish. The MACD curve and the signal curve formed a bullish cross and headed in the upward direction with green histograms. 

The RSI curve is also trading close to the overbought zone at 59.73 above the 14 SMA curve suggesting bullish moves.

If the price sustains the buying momentum then it may reach the price of $0.000017233362 in upcoming sessions.

Can Pepe coin reach $1?

PEPE showed impressive growth in recent years surpassing BTC and ETH in terms of gains. It is the 3rd biggest meme coin in terms of market cap. Despite this PEPE will require exponential buying support to reach $1 which is looking tough right now.

Conclusion

PEPE coin has demonstrated significant growth and bullish momentum, particularly in recent months. With impressive returns and strong technical indicators, it has captured the attention of many investors. However, despite its remarkable performance and position as the third largest meme coin by market cap, reaching $1 remains a challenging goal that would require substantial and sustained buying support. For now, while PEPE continues to show promise, achieving the $1 mark appears unlikely in the near future.

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