This week, the price of the well-known meme cryptocurrency Pepe (PEPE) shot up by 65%, showcasing rising momentum and buying interest. With Bitcoin (BTC) nearing $69,000 and the approval of spot Ethereum ETFs, the broader cryptocurrency market is bouncing back, raising hopes for a bull run in meme coins. Speculation is growing on whether meme coins like PEPE will see a massive surge this year, and if PEPE could increase 10 to 15 times in 2024 or even reach $1 by 2030.

Introduction

Pepe Coin has been making headlines with its impressive price surge, catching the attention of many in the cryptocurrency community. This surge comes amid a broader market recovery, signaling potential good times ahead for meme coins.

PEPE’s Recent Price Action

This week, PEPE’s price broke through the key psychological barrier of $0.00001 on the daily chart, displaying a breakout from a rolling bottom formation. This move extended the bullish trend by 65% within the week, boosting the meme coin’s market value by 178% over the past five weeks. Over the past 14 weeks, PEPE’s price has skyrocketed by nearly 1,300%, indicating a significant rise in demand. The latest 65% increase resulted in a bullish engulfing candle on the weekly chart, highlighting strong buying interest.

Currently, PEPE is trading at $0.00001510, bouncing back from a 5.26% dip the previous night with a 6.82% gain during the day. Technical indicators are showing positive signs for further growth. The Relative Strength Index (RSI) on the daily chart remains in the overbought zone, indicating heightened demand. Additionally, the Historical Volatility (HV) line surged from 101 to 191 within a week, showing increased volatility and supporting the ongoing bullish trend.

Potential for Further Rally

On the daily chart, the bullish trend continues above the $0.000015 level, aligning with the 100% trend-based Fibonacci level. With the momentum from the rolling bottom breakout and the trend marked by rising dips, PEPE is expected to surpass the $0.00002 level. Beyond this point, the meme coin could aim for $0.0000277, which corresponds to the 2.618 trend-based Fibonacci level.

Looking forward, upcoming bullish catalysts such as the "Uptober" rally, altcoin season, and potential interest rate cuts could further boost PEPE. These factors contribute to the possibility of a 10 to 15 times rally in PEPE’s price being a realistic target for 2024 as buying pressure continues to mount.

Conclusion

Pepe Coin’s recent price surge is a testament to the growing interest and momentum in the meme coin market. With favorable market conditions and potential bullish catalysts on the horizon, PEPE could see significant growth in the coming year, making it a coin to watch closely.