PEPE smashed a new ATH at $0.00002717 in the early trading hours after surpassing the crucial resistance zone. With this, the token has achieved a market capitalisation of over $11 billion, surpassing the giants like Litecoin. However, the trading volume does not appear to have completely shifted in favour of bulls and if this happens, the PEPE price rally is expected to kick off and reach the levels above $0.00004 very soon.
The third largest memecoin as per the market capitalisation, PEPE, has just marked a milestone. By breaking above the bull flag, the token swelled high and marked a new ATH, which has attracted some bearish attention. The price has dropped marginally but the ongoing correction is expected to offer a strong bullish momentum as it did in May 2024, which propelled the price by over 70% to mark the highs above $0.000017.
Now that the token is manifesting a similar price action, the PEPE price rally is expected to rise above $0.00004, probably in the first few days of 2025.
The PEPE price rally appears to be following a pattern since the beginning of the year, with new highs being achieved at regular intervals.The current trade setup resembles the rally that occurred in mid-Q2. The price surged above the resistance zone, and after a brief retracement, it exceeded 70%. The Ichimoku cloud supports the retracement narrative, as the base and conversion lines are approaching a bearish crossover. However, the RSI sticks to the upper threshold, reviving the hope for a bullish continuation. Therefore, the current trade until the weekend could be extremely important, which may shed light on the next price action.
If the price experiences a retracement, it could rise by 75%, setting a new ATH above $0.00004. Otherwise, a bullish continuation could exhaust buyers, causing the token to behave sluggishly for a while before marching towards the upper target.
The PEPE price rally has taken off and is just an inch away from becoming the second largest memecoin, surpassing Shiba Inu. With over $7.5 billion trading volume compared to $2.5 billion of SHIB, the flipping seems to be inevitable, as it’s just a matter of time. The short-term and long-term charts suggest the Pepe price may soon enter a pre-Christmas rally, which could help the price to trade within a discovery phase for a long time ahead.
