Pepe has seen a substantial dip in value. This decline has positioned the coin near its lowest point, prompting analysts to consider the possibility of a significant price surge. Some market experts now predict that a 40X move could be on the horizon as PEPE approaches what many believe is its bottom.
A 40X surge: What it could take
According to a recent analysis by Crypto Elites on X, the chart shows key support and resistance levels marked by Fibonacci retracement levels. These levels include the 23.6%, 61.8%, and 100% Fibonacci retracements. The price appears to be following a channel with an upward trajectory, indicating potential future growth.
Fib levels represent established price metrics adopted by traders who could leverage them to initiate a new market rise. Such support could establish conditions for multiple price gains. Price movement tracks an ascending channel, which indicates forthcoming upward price changes.
For PEPE to achieve a 40X increase, a combination of market conditions must align. Increased demand for meme coins, along with growing interest, would be necessary to drive such a move. A price target is noted at the 40x level, indicating an expected significant increase from the current level. The chart suggests a price goal of approximately 0.00002562 USD, with a potential rise of up to 40 times the current price.
Current market conditions for PEPE
During the last 24-hour period Pepe demonstrated high volatility that led to a price reduction of 9.34%. Pepe currently holds a market value of $0.05925 at the time of press. The market capitalization continues to remain at $2.49 billion despite the recent price decline. Analysts observed a 54.44% surge in PEPE trading volume which rose to $1.02 billion during this period because of heightened market participation.
PEPE has 420.68 trillion units distributed among circulation, which amounts to its entire supply. The PEPE Vol/Mkt Cap ratio reached 41.64%, as observed on the market. The current trading volume expresses a major percentage of PEPE’s total market capitalization. PEPE’s price crashed before establishing temporary stability as it resumed its descent.
