PEPE Coin's Recent Rally Has Sparked Speculation About Its Potential to Rise Further

The meme coin's recent rally has sparked speculation about its potential to rise further, even eliminating one zero from its price.

Meme coin behemoth Pepe (PEPE) has been a hot topic in the crypto sphere as it continues to rally towards critical resistance levels. The coin’s recent surge follows a period of consolidation, which saw it holding onto gains despite substantial market recovery.

As Bitcoin edges closer to the $100,000 mark, heating up the market in the process, the meme coin has benefited from renewed interest, with its value steadily increasing and breaking through previous resistance levels.

Pepe Coin (PEPE) was trading at around $0.000009150 at press time. Source: Brave New Coin

At the time of writing, PEPE was trading at about $0.0000091, up more than 22% for the week.

Several factors are attributing to PEPE’s surge, including a significant spike in trading volume, a positive price chart formation (suggesting a potential breakout), and a belief that the coin could be setting up to lose one zero off its price and get very close to $0.0001.

Key Technical Indicators: Can PEPE Clear $0.00001?

The current price action suggests that PEPE could be on the verge of clearing a critical resistance level around $0.00001. If the coin can penetrate this level, it could be setting up for further price appreciation and even lose one zero off its price.

Prominent meme coin analyst James Wynn believes PEPE’s breakout opportunity lies in breaking above the psychological level of $0.001. Once PEPE breaks into the $0.00001050 zone, it could set the stage for a larger rally.

"E wave is complete, and retracement to $0.0000078 is a buying opportunity, with F wave possibly ending between $0.000017 and $0.000022."

As the coin continues to gain momentum, the market is closely watching how PEPE handles this resistance. Breaking above this level would not only be a huge milestone but potentially propel the coin towards its previous all-time high levels, opening up the possibility of a path to $0.001.

Moreover, the rise in whale activity has also been a key driver of PEPE’s bullish outlook. According to statistics presented by Santiment, there has been an abrupt increase in the number of addresses that are holding 10 million to 100 million PEPE, with these large holders pushing the price up. When these whales accumulate PEPE, it shows confidence that the coin will increase. Smart money flows have also been increasing, with two behemoth smart money wallets purchasing $1.3 billion worth of PEPE tokens over the last few days.

These events show that the price can still move upwards with more large investors entering the market, thereby confirming the trend of being bullish. In case the current whale accumulation trend continues, PEPE will continue to surge as it has strong market fundamentals and investor sentiment.

The Road to $0.001: A Viable Target?

While the possibility of PEPE reaching $0.001 remains speculative, the coin’s recent performance suggests it may not be too far-fetched. PEPE has been making steady gains, and technical patterns, including the formation of a cup-and-handle structure, suggest a potential breakout. The cup-and-handle pattern, combined with increasing trading volumes, indicates that PEPE could rise to $0.000014 or even higher in the short term.

PEPE's short-term resistance is at $0.00001000, with a take-profit zone at $0.00001050, followed by a rally and retest to confirm a breakout. Source: James Wynn via X

"PEPE is showing solid signs of upward momentum, and if the broader market continues to favor meme coins, there’s a realistic chance we could see PEPE test higher levels," said a technical analyst following the coin’s movements.

After piercing through the $0.00001050 resistance and retesting it, PEPE is set for a massive price rally as FOMO drives further momentum. Source: James Wynn via X

However, there are potential obstacles. The $0.00001 level of resistance still is a tough hurdle, and market volatility, particularly in response to more general macroeconomic trends, could see corrections. Experts caution that the future is rosy, but a near-term retracement to lower levels, maybe at $0.0000080 or $0.0000085, could happen before the subsequent rally.