Pepe Price Prediction as PEPE Spikes Up 10% in 24 Hours – Can PEPE Reach $10?
The price of the third largest meme coin by market cap, PEPE, has jumped 10% in 24 hours today as it trades at $0.058797 at the time of writing.
PEPE’s 24-hour trading volume hit a staggering $1.7 billion. This was the same figure second-largest meme coin Shiba Inu (SHIB) posted, the difference being Shib’s $19.1 billion market cap is about five times higher than PEPE’s $3.7 billion.
In general, PEPE is weathering a pullback among the leading meme coins. Dogecoin and FLOKI have declined 0.5% overnight, while SHIB is about 11.2% down from its price this time last week.
Over on PEPE’s chart we can see a fairly stable Relative Strength Index (RSI) of 53, which leaves PEPE’s near-term price performance very open.
We can also see that since late February PEPE has often traded a bit north of its 30-day moving average (the blue line). Looking at the steepness of the gradient and the frequent bull-and-handle patterns, it appears this rally was a classic mini bull run.
All signs indicate that the rally has cooled off now, though. This is largely due to the wider market rally losing momentum, but it’s also typical for coins that rallied too hard to experience a correction of 10-20% so near-term losses can be expected.
At this point it’s highly unlikely for PEPE to get to $10 anytime soon, but the year is long and crypto is full of surprises, so perhaps another bull run could take the frog on or near that target.
Meme coins are clearly where all of crypto’s FOMO is. Miss out and it’s very easy to be resentful or regretful when you see novelty coins posting huge returns.
Still, it’s important to note that meme coins are a super volatile sector in what is already a highly volatile and speculative space. Novelty meme coins have to offer more
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