PEPE has managed in recent months to eclipse the second memecoin on the market: SHIBA. In search of a crusade with a view to snatching second place on the podium, the PEPE must capitalize an additional 7 billion dollars to achieve this. Can the ecosystem frog meet this challenge?
Can PEPE continue to outperform the crypto market?
It is Wednesday, November 27, 2024 and the price of the PEPE memecoin is around $0.000018.
Seeing this crypto climb the steps in the ranking of cryptocurrencies, you could legitimately think that PEPE is a memecoin like the others, doomed to disappear once the cycle ends in a decline in price greater than 90%.
However, the story of “Pepe the Frog” begins well before the Bitcoin whitepaper since it was in 2005 that, for the first time, this little frog appeared in the comic strip “Boy's Club” by Matt Furie.
An entire generation then appropriated this character who was to become over the years one of the most widespread memes on the web and one of the symbols of video game fans. This lore could therefore allow the crypto representing a frog to settle permanently in the hearts and hearts of crypto-enthusiasts.
Now in 24th position in the ranking of cryptocurrencies, with $7.84 billion in market capitalization, PEPE is the 3rd most capitalized meme after DOGE and SHIBA. SO, where are we technically on this crypto asset?
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| Pairs with PEPE | 24 hours | 7 days | 1 month |
| PEPE/USDT | +4.50% | -7.30% | +104.9% |
| PEPE/Bitcoin | +2.70% | -7.40% | +50.50% |
| PEPE/ Ethereum | -0.10% | -16.70% | +49.80% |
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Is PEPE already ready to relaunch?
It is at the beginning of 2024 that PEPE stands out for the first time. Benefiting from a favorable context, it achieved very good performances. It even managed to outperform Bitcoin in the first half before correcting until November.
It was precisely once Bitcoin broke free from its reaccumulation zone initiated in March 2024 that PEPE, like many memecoins, embarked on a new bullish rally. While it has been in a correction phase for 2 weeks, several scenarios are available to us for the coming weeks.
In addition, the PEPE is approaching the area of the previous historic peak achieved last May. We have represented this level in blue on the graph below. This zone, combined with the 50% retracement of the last leg of the increase, is an interesting target to consider a revival of the trend.
However, the observation of the daily Bollinger bands, which are in the process of closing, suggests that it will be necessary to consolidate for a longer period. I would therefore favor a deeper correction.
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Historically, PEPE likes to retrace close to 0.618. If we consider this retracement from the low point of this new impulsive phase, with the confluence of the 7-week moving average, we could envisage a next zone of interest around $0.000014. Finally, in the event of a major market decline, the 2024 pivot shown in yellow on the chart, around $0.00001, could be an area of excess to watch.
The PEPE is in a very bullish underlying trend. The invalidation of the trend is distant, the corrections can therefore be violent and profound without affecting the direction of the token.
We could nevertheless consider that a weekly close below $0.000016 would add probabilities for a deeper correction scenario and thus require more time to relaunch the chart in the direction of the underlying trend.
Weekly PEPE price graph
In summary, PEPE is a crypto that will have to be counted on during this cycle. In a very upward long and medium term trend, the asset corrects the excess recorded at the beginning of November. The likelihood of this move leading to a trend resurgence is high, especially if Bitcoin continues to perform well.
So, do you think that PEPE can continue its trend to the point of overtaking the SHIBA memecoin in the ranking of the largest capitalizations? Don't hesitate to give us your opinion in the comments.
Have a nice day and we'll see you soon for a new technical analysis of altcoins.
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Sources: TradingView, Coinglass, Glassnode
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Analyst at Cryptoast Research for several years, I carry out in-depth monitoring of the crypto market to analyze the next narratives while keeping an eye on the financial markets.
Emmanuel Lazaro
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