The third largest meme coin, Pepe (PEPE), has started gaining great interest from crypto enthusiasts. Major cryptocurrencies are getting outplayed as of December 10, 2024, by PEPE against the trend of the market.
Recently, PEPE has emerged as a powerhouse in the crypto market, which has seen phenomenal growth and won over many new investors. According to general trends, most of the cryptocurrencies have fallen through the week; however, PEPE has overshadowed all the giants like Bitcoin, Ethereum, and Solana. This has brought enormous attention to the crypto community as well. On December 10, 2024, It is showing good momentum, getting ready for 30% upward momentum in the coming days.
PEPE Price Momentum: Small Increase in a Struggling Market
At the time of writing, PEPE is selling at around $0.00002725. That represents a growth of more than 3.50% in the last 24 hours. The gain was accompanied by a sharp increase in trading volume that rose by 16%. This points to a lot of activity by investors at a time when most major cryptocurrencies have failed to make progress. The non-exchange Bitcoin, Ethereum, also Solana, make this latest upward pressure by this meme coin all the more concerning.
Normally, based on this trend in the market, PEPE tends to keep pushing higher despite its resistance. Some might say this is not easily broken in a tight market environment. This creates several questions about further uptrend prospects, including technical analysis.
Resisting at $0.00002750 for PEPE
In that case, if this meme coin can close the four-hour candle above the critical level at $0.00002750, then there is a high probability that this will cause an enormous rally up to 30% higher as the possible rate could be at $0.000036. This is called the “make or break” scenario in which the following days would determine the direction that the PEPE price takes.
The RSI is pointing to further upside
Another good sign for PEPE is that its RSI is at a place below the overbought zone. So far, the coin has yet to see an appreciable correction before hitting resistance. And therefore, it still needs some space. At present, the current position for RSI supports this argument. It believes that the rally’s possibility exists; however, It has to take the thrust forward and then get over its strong resistance.
Support $0.000024
Conversely, if this meme coin is unable to keep support above $0.000024, then this negates the bullish view. When the price falls beneath that level, it would have a greater chance of seeing a reversal, given it’s losing its momentum. This level should be paid particular attention to by traders since it forms one of the most significant lines in the sand concerning the price action of the meme coin.
Can PEPE go up by 30% in the near term?
PEPE has great potential, and it has a possibility of a 30% price pump if it breaks through that critical resistance level of $0.00002750. The coin has already shown great resilience because it is outperforming major coins in this challenging market. Technically, there are still growing indicators in terms of RSI while volume increases show that interest grows among investors.
However, It also needs to take care of the risk associated with it, like whales, and support at $0.000024 levels. In case this meme coin maintains the present momentum and breaks out key resistance levels, it is possible that a rally could be on the horizon. Though there are short-term fluctuations, the technical outlook of PEPE is bullish in the near term.
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Whale Activity Alert: Notable Outflows in PEPE
While technical analysis is bullish, there is another thing that might influence Its price: whale activity. According to Coinglass on-chain transactions data, there has been a significant outflow from exchanges within the last two days. So, large holders sell PEPE probably to lock in their profits or to rebalance their portfolios. Outflows are normally negative to the market, but this also means a trader can scalp a buck off of whatever volatility this creates.
Higher trading volumes, in particular, mean that the negative impact caused by whales might be diluted due to the active participation of retail investors.
Conclusion: PEPE is strong for a 30% rally if it breaks the $0.00002750 resistance and maintains the momentum. Despite the sluggish market, its recent surge and solid technicals suggest that it could outperform major cryptocurrencies. However, risks remain, especially with the outflow of PEPE from exchanges. If PEPE stays above $0.000024, a 30% rally could happen, marking a big win in 2025. Investors should stay cautious in this volatile market.
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