Pepe, a frog-themed cryptocurrency, has experienced significant growth in recent weeks, with a 3.9% increase in the last 24 hours and an 85.6% rise in the past week. This growth can be attributed to Pepe breaking out of an extended bull pennant consolidation. As of now, the price is consolidating around $0.00002257, with resistance building at around $0.00002500.
This resistance level is likely due to profit-taking by traders and short-term investors, as data shows that large holder inflow dropped by 29% in the last seven days. As the market is slightly overbought, there might be consolidation or minor pullbacks before further upward movement. Pepe has also benefited from increased awareness thanks to Elon Musk’s recent tweets mentioning the coin.
With more tweets expected, bullish sentiment could increase even further. Pepe’s healthy trading volume and listings on popular platforms like Coinbase and Robinhood have also contributed to its strength. Pepe’s performance is highly correlated to Bitcoin, and a Bitcoin breakout above $90,000, potentially reaching $100,000, is predicted to trigger a new all-time high for Pepe.
Political events and regulatory changes in the US, such as Trump’s influence and pro-crypto SEC actions, could also significantly impact the crypto market and Pepe’s price. A 1,000% surge in Pepe’s price is possible if it breaks above the current resistance and maintains strong bullish momentum. With Fibonacci extensions and technical indicators suggesting a move towards $0.0002760, this upward movement could be feasible.