PEPE Coin (PEPE) Price Prediction 2024: Can the Meme Coin Rally 50% From Here?

The meme coin sector is once again buzzing with activity with the frog-themed PEPE coin (PEPE) coming on investors’ radar

The meme coin sector continues to experience high levels of activity, with the frog-themed PEPE coin (CRYPTO:PEPE) emerging on investors’ radar and presenting a rare buying opportunity for another mage rally.

Following its all-time high levels of $0.000014 earlier in May, the PEPE coin price has undergone a correction of over 50%. During this correction, which has spanned the last 90 days, several short-term traders have incurred losses. However, traders are now anticipating a fresh buying opportunity that could propel the token on another 50% rally.

According to a recent report by Crypto News Flash, PEPE whale activity has also been on the rise. Data from IntotheBlock reveals that the PEPE coin’s market value to realized value (MVRV) currently stands at 1.34.

This metric is particularly useful for predicting market peaks and lows by comparing the asset’s spot market value to the value investors originally invested in.

A higher MVRV ratio indicates that investors have more unrealized profits and may be more likely to sell. In contrast, a lower ratio suggests that investors, possibly holding at a loss, are less likely to sell at a reduced value.

During the PEPE coin’s all-time high in May this year, its MVRV ratio shot up to 3.29. Thus, with the current ratio at 1.34 and PEPE priced at $0.0000071, it may indicate the token has reached a market bottom. Hence, per the CNF report, the PEPE coin appears undervalued and poised for a further rally ahead.

Another metric that supports the bullish outlook for the PEPE coin is the Money Flow Index (MFI), which helps in understanding the buying and selling pressure. The MFI index oscillates between 0 and 100 to determine whether an asset is overbought or oversold. A reading above 80 suggests the asset is overbought, while a reading below 20 indicates oversold.

Last week, on September 7, the MFI Index dropped to 17.25, putting PEPE in oversold territory. Currently, the MFI has surged slightly, suggesting that a bullish reversal could be coming ahead.

On the daily chart, the PEPE coin broke out of its downtrend over the weekend, rising from $0.0000066 to $0.0000070.

Now trading at $0.0000070, PEPE is in a demand zone that previously pushed its price up to $0.0000087 between August 5 and 8. The chart indicates that PEPE might aim to surpass the 61.8% Fibonacci retracement level at $0.0000079, which could serve as resistance. If buying pressure builds, the token could break through this level.

Another critical area to watch is the supply zone between $0.0000093 and $0.0000095, where PEPE has faced rejections in the past. Surpassing this zone could lead to a target of around $0.000010, representing a potential 53% gain from the current price. However, if PEPE struggles to break above $0.0000075, the outlook could change, possibly leading to a drop back to $0.0000066