Pepe [PEPE] is currently experiencing a strong uptrend reminiscent of its performance back in May. The meme cryptocurrency surpassed previous resistance levels to achieve a new record high of $0.00002597. In a single day, on November 13th, the token’s value surged by 47%.
Recent days have witnessed a surge in trading activity for Pepe on decentralized exchanges (DEX). Many traders and investors are predicting a potential “meme coin supercycle,” speculating that the significant gains from Dogecoin [DOGE] might flow into PEPE in the near future.
Resistance Ahead as Bulls Navigate the 61.8% Extension
An analysis involving Fibonacci retracement levels, based on Pepe’s previous rallies in April and May, indicates strong support at the 61.8% and 78.6% levels. Just ten days ago, a dip below the 61.8% level at $0.000009 triggered the rally leading to the current all-time high. The long-term outlook for Pepe remains highly optimistic, with some suggesting that it could potentially catch up to Dogecoin’s market cap in the current market cycle.
While overtaking DOGE’s market position might seem overly ambitious given its widespread popularity, the prevailing bullish sentiment in the market could push PEPE’s market capitalization to $40 billion or beyond.
Short-Term Projections for Pepe
According to the 1-day liquidation map, key liquidity levels to watch out for are at $0.0000247 and $0.0000224. With Bitcoin [BTC] surpassing $90k, the short-term market sentiment leans towards the bullish side, making a further uptrend more probable.
Despite the current positive sentiment, it is essential for traders to prepare for potential market corrections. Notably, there exists a cluster of significant liquidity levels between $0.0000209 and $0.0000232. A retracement to this range could present a lucrative buying opportunity, with a high chance of a bullish reversal.
The upcoming Coinbase listing news is anticipated to act as a catalyst for driving PEPE to new highs, although it might lead to a short-term correction, allowing the cryptocurrency to consolidate its gains.
Traders should stay vigilant and manage risks effectively, while long-term holders are advised to hold onto their investments for a few months.
Disclaimer: The views expressed in this article are the author’s opinion and do not constitute financial, investment, or trading advice.