PEPE Sets Another All-Time High — Price up 1,900% in 2024 so Far

Key Takeaways

• PEPE reached a new all-time high price on Dec.9.
• The PEPE price has increased by 1,900% in 2024.
• How long can PEPE maintain its bullish trajectory?

PEPE has been one of the best-performing memecoins in the current market cycle, increasing by 1.900% since the start of the year.

The increase hit several roadblocks, but PEPE was resilient and reached a new all-time high price of $0.0000275 today, on Dec. 9.

After such a parabolic increase, it is worth asking the question: How long can PEPE sustain its bullish momentum? Let’s find out.

PEPE All-Time High

The daily time frame chart shows that the PEPE price has increased rapidly since the start of November. After a 230% rally in 9 days, PEPE reached a then-all-time high price of $0.0000259 on Nov. 14 before correcting for two weeks.

The next portion of the upward movement started on Nov. 26, and PEPE has increased by 60% in the 13 days since, culminating in a new all-time high price of $0.0000275 today, on Dec. 9.

While the breakout and high are positive signs, technical indicators show weakness. This is visible in the Relative Strength Index and Moving Average Convergence/Divergence since both have generated bearish divergences (green).

So, the daily time frame suggests that PEPE could be nearing the end of its impressive rally.

Are Memecoins Back?

After leading the rally for most of the year, memecoins hit a snag last month as liquidity flowed back to Layer-1s and other utility tokens. This has also started to change since memecoins posted significant gains  last week.

In the past seven days, on average, memecoins have increased by 11.2%, only trailing decentralized finance (DeFi). They have been the best-performing category of the past three days.

From large cap memecoins, the rally has been led by PEPE and MOG, both reaching new all-time highs in December.

PEPE Nearing Its End?

The long-term PEPE price analysis also suggests the rally is nearing its end. According to the wave count, PEPE is in the fifth and final portion of an upward movement that started in May 2023 (white).

Wave five started in November after the price broke out from a symmetrical triangle pattern (dashed). The wave has extended, already moving above the first target for the top at $0.0000231.

The next target is 66% above the current price at $0.0000440. It is found by giving wave five the same length as waves one and three combined.

The shorter-term daily count starts differently but ends on a similar note. The sub-wave count (black) suggests wave five started in August instead of November. According to the count, PEPE is in the fifth and final sub-wave, which will complete the long-term wave count.

Similarly to the long-term count, PEPE’s price has broken out from a symmetrical triangle in sub-wave four.

The same waves of different degrees often extend. So, since wave five has extended, sub-wave five may do the same. If it has the same length as sub-waves one and three, PEPE will reach a new all-]time high of $0.0000400. This aligns with the long-term target of $0.0000440.

On the other hand, falling below the start of sub-wave five (red line) at $0.0000203 will mean the upward movement is over and that PEPE has begun its long-term correction.

Final Portion of the Increase

The PEPE price has performed admirably both year-to-day and since the start of November. While the PEPE coin price reached a new all-time high today, technical indicators show weakness, and the wave count suggests a high is near.

PEPE may continue increasing until $0.0000440 but will likely reach its cycle top soon.