Can Pepe Coin Price Actually hit $1?
Pepe Coin price has had a strong performance this year, helped by the ongoing crypto bull run and its popularity among investors. It is up by 1,600%, while Bitcoin has risen by less than 150 percent. So, with the demand for Pepe rising, can it continue rising and hit $1?
Pepe Coin Price Analysis: Unlikely To Soar to $1
Pepe Coin price was trading at $0.00002362 on Friday, up by almost 2,500% from its lowest level this year. It has also jumped by over 3,000% from its 2023 lows
The coin now needs to jump by about 4.13 million percentage to get to $1. While such a move is likely in the crypto industry, signs are that it will not happen in the ongoing crypto bull run.
A move to $1 would push Pepe’s market cap to over $434 billion, a move that would make it the 21st biggest company in the world.
What is clear, however, is that the price of Pepe has more room to run. On the daily chart, we see that the coin formed a cup and handle pattern between March and November this year. This pattern is made up of a horizontal line and a rounded bottom, and is one of the most bullish signs in the market.
It has dropped and retested the upper side of the cup, a sign of continuation. Also, it has formed a small inverse head and shoulders pattern that is more clear on the four-hour chart. An inverse H&S pattern is another continuation sign.
The coin has also remained above the 50-day and 100-day moving average. Therefore, there is a likelihood that its bull run will continue, provided that Bitcoin remains in an uptrend. By measuring the depth of the cup, we can estimate the next Pepe coin price forecast at $0.00002770.
The bullish view will become invalid when the coin drops below the key support at $0.00001718, the upper side of the cup.
Upcoming Pepe Burn As A Catalyst
Pepe has numerous catalysts. The most important one is that it is one of the most popular meme coins in the crypto industry. It is not uncommon for its daily volume to be more than that of Dogecoin and Shiba Inu.
The other potential catalyst is the upcoming burn, which will reduce the number of coins in circulation. Media reports are that Binance will start a $1 billion Pepe token burn in January 2025, a move that will reduce the number of coins in circulation.
A token burn, such as those made by Shiba Inu and Floki Inu makes a crypto deflationary and boost its value n the long term. In this case, the $1 billion burn represents a 10th of the tokens being eliminated from the market.
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