Pepe [PEPE] enthusiasts have significantly emerged since the second week of September. The meme-based digital asset is poised to wrap up the month on a positive note. But is it probable to uphold the ongoing momentum, and what are the prospects for October?
PEPE has generally been on a downward trajectory since May. The bearish trend hit a low point within the $0.00000897 price bracket on several occasions. Consequently, the price has stabilized around that level, followed by some bullish activity.
The above observations suggest that a majority of holders are reluctant to offload below that threshold. Hence, this establishes a local support level from which we can formulate both short-term and long-term PEPE price projections.
Hitherto, the memecoin has managed to achieve a 42% upsurge from its September trough to its current press time valuation of $0.00000908.
Short-Term PEPE Price Forecast
Applying Fibonacci retracement places PEPE’s next key price target within the range of $0.00001153 to $0.00001287. This computation is anchored on the coin’s recent 5-month troughs and peaks.
Consequently, PEPE stands a chance to advance by approximately 26% towards the lower price target and more than 40% towards the higher target.
PEPE holdings categorized by duration could fortify the short-term prognosis. The count of addresses holding PEPE for over a year has been on an upward trajectory since April. This signifies that a majority of investors (approximately 85,000 addresses) who acquired the meme coin over a year ago are still retaining their positions.
Moreover, there has been a slight decline in the cruisers segment, indicating some liquidation by swing traders. Nevertheless, the cruiser addresses have been expanding and have surpassed the figures seen during PEPE’s peak in May.
While there were about 183,000 addresses at the peak in May, the cruiser addresses have now exceeded 196,000 based on the most recent data as of September 25th.
The number of traders has dwindled from over 62,000 addresses in May to just under 17,000 addresses presently. This shift implies a growing inclination towards longer-term holding, potentially leading to smoother sailing for the bulls.
Regarding PEPE’s long-term price prediction, the meme coin could revisit its prior all-time high (ATH) of $0.000017 at some point in the forthcoming months, likely in 2025.
Nevertheless, the realization of this scenario hinges on a robust resurgence by the bulls and a substantial rally meeting the anticipations. The most recent recovery aligns with the upswing in market sentiment favoring the bulls this month.