- PEPE has been in a general downward trend since May.
- However, PEPE could retest its previous ATH sometime in the coming months
Pepe [PEPE] The bulls have really been visible since the second week of September. The memecoin is now on track to end the month in the green. But can it maintain the current momentum and what can we expect in October?
PEPE has been in a general downward trend since May. The bearish momentum bottomed multiple times within the $0.00000897 price range. As a result, the price has leveled off within that range, followed by bullish momentum.
The above findings show that most holders are unwilling to sell below that range. Therefore, this provides a local floor from which we can make short- and long-term PEPE price predictions.
The memecoin has so far staged a 42% rally from its September low to its press time price of $0.00000908.
PEPE short term price forecast
Fibonacci retracement places PEPE’s next major price target between $0.00001153 and $0.00001287. This is based on the current five-month lows and five-month highs.
This means that PEPE could rise another 26% on the lower price target and more than 40% on the higher price target.
Source: TradingView
PEPE addresses based on the held time can support the short-term prediction. The number of addresses that have owned PEPE for more than 1 year has increased since April. This confirms that most of the buyers (nearly 85,000 addresses) who bought the memecoin over a year ago are still in possession.
We also saw a slight decline in the cruiser category, indicating that swing traders have sold some coins. However, the number of addresses in this category has grown and is now greater than at PEPE’s peak in May.
Source: IntoTheBlock
There were about 183,000 addresses at the peak in May, but the number of cruiser addresses was above 196,000 according to the latest data from September 25.
The number of traders fell from more than 62,000 addresses in May, but has since fallen just below 17,000 addresses. This suggests that PEPE has experienced a shift in favor of lasting longer. An outcome that may lead to less friction for the bulls.
Read Pepe’s [PEPE] Price forecast 2024-25
As for PEPE’s long-term price prediction, the memecoin could retest its previous ATH of $0.000017 sometime in the coming months, likely in 2025.
However, the likelihood of this happening depends on whether the bulls will make a strong comeback and mount a big rally as expected. The latest recovery is in line with the shift in market sentiment in favor of the bulls this month.
Credit : ambcrypto.com
