The Pepe coin price is ending 2024 on a high note, rising nearly 20%, erasing some of the losses it suffered this month.
baby (baby), the third largest meme coin, rose to a high of $0.000022, its highest level since December 18. The rebound came after Elon Musk, the richest person in the world, updated his X profile photo to an image resembling Pepe.
Musk is one of the most influential people in the world, with more than 234 million followers on X, a close relationship with Donald Trump, and a fortune approaching... Half a trillion dollars.
His action could indicate a growing interest in Pepe, similar to his previous association with Dogecoin (Doug). Musk's tweets about Dogecoin in 2020 preceded its general rise in 2021, helping DOGE become the largest memecoin with a market cap of more than $47 billion.
Pepe has seen significant growth since its inception in 2023, with its market capitalization rising from almost zero to a peak of more than $10 billion earlier this month. The token has surged nearly 1,500% in the past year, making it among the best-performing memecoins.
Pepe has created great wealth for many investors. According to IntoTheBlock, 70% of all owners, or about 178,000 people, are profitable, while 24% are making losses. The remaining investors are at breakeven.
Babycoin price analysis
The daily chart shows that the Pepe coin price peaked at $0.00002833 earlier this month before pulling back. It bottomed at $0.0000145, which coincides with the 50% Fibonacci retracement point, and formed a hammer pattern. This pattern, which is characterized by a small body and a long lower shadow, is often a bullish signal.
Pepe has now risen above the key resistance level of $0.00001950, its swing high on December 24. It is also trading above the 200-day and 100-day moving averages.
Given these bullish indicators, Pepe is likely to continue higher, with bulls targeting a year-to-date high of $0.00002833, which would represent a ~33% upside from the current level. Potential catalysts for further gains include Donald Trump's upcoming and expected swearing-in FTX Distributions. Some of the $16 billion in distributions may be reinvested in cryptocurrencies, which could boost Pepe.
Source link