- PEPE appreciated by nearly 10% over a 24-hour period
Contrary to the price hike, bearish sentiment around the crypto rose
As an experienced analyst, I find the recent price surge of PEPE intriguing, especially given the contrasting sentiment in the crypto market. The memecoin appreciated by nearly 10% over a 24-hour period, making it one of the highest gainers. However, contrary to this price hike, bearish sentiment around the crypto rose.
In the past few days, various cryptocurrencies have seen their charts become green due to the shift in market trends. PEPE was among these gainers, experiencing substantial growth of over ten percent. As a consequence, this memecoin reached a significant milestone, potentially triggering further price escalation.
PEPE bulls are here
According to data from CoinMarketCap, PEPE experienced a significant price increase of around 10% as the market shifted bullishly. At present, the memecoin is being traded at $0.000007627 with a market capitalization surpassing $3.2 billion, thereby securing a position as the 30th largest cryptocurrency in terms of market value.
According to recent data from IntoTheBlock, approximately 75% of PEPE investors have realized a profit due to the recent price surge.
During the bull market’s onset, the memcoin reached a pivotal point in terms of pricing. Notably, World of Charts, a renowned cryptocurrency analyst, pointed out a bullish flag pattern emerging on the memcoin’s chart through a recent tweet. If this pattern breaks successfully, the memcoin is expected to surge by approximately 80% within the upcoming weeks.
After PEPE started gaining momentum, AMBCrypto examined its key performance indicators to determine if this upward trend would enable the memecoin to surpass the bullish pattern. Through Santiment’s data analysis, AMBCrypto identified that there was significant buying interest in PEPE, as evidenced by a notable increase in exchange outflows on May 3rd.
As a researcher studying the PEPE memecoin market, I’ve observed an intriguing trend: The amount of PEPE tokens on exchanges decreased significantly while the supply outside of exchanges increased. This indicates that investors have been actively purchasing the memecoin. Conversely, large holders or “whales” have sold off their PEPE holdings, resulting in a decline in the supply held by top addresses.
Which way is PEPE moving?
When the price of PEPE, the memecoin, rose, there was increased chatter among people. Yet, it’s worth noting that the sentiment towards this meme coin, as indicated by its weighted score, actually decreased despite the price surge.
This clearly meant that bearish sentiment still retained a degree of dominance across the market.
Read Pepe’s [PEPE] Price Prediction 2024-25
To gain insights into PEPE‘s recent price surge, AMBCrypto examined its daily chart for revealing market signals.
After a significant increase, the Money Flow Index (MFI) for PEPE‘s altcoin remained relatively stable, as seen in its chart. The same pattern emerged on the Chaikin Money Flow (CMF) graph. This suggests that PEPE’s price surge might be coming to an end.
As a crypto investor, I can tell you that despite some market uncertainties, the Moving Average Convergence Divergence (MACD) indicator continued to indicate a bullish trend for me. Specifically, the MACD lines suggested a strong buying signal in the cryptocurrency market.
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2024-05-04 03:35