- Memecoin’s price climbed by over 6% in the last 24 hours
- Technical indicators suggested a sustained bull rally may be possible
As an analyst with a background in cryptocurrency research and analysis, I’ve been closely monitoring the recent developments surrounding PEPE, the popular memecoin that has gained significant attention in the crypto community. Based on my analysis of the available data, here’s my take on the situation:
Over the past few days, PEPE has put on a strong showing, coming ever closer to reaching its previous all-time high. This raises the question of whether the memecoin is poised to surpass this milestone soon. To assess this potentiality, let’s examine PEPE’s current market conditions.
PEPE bulls are pushing hard
Last week brought pleasant returns for investors as PEPE experienced a significant price increase of more than 10%. Furthermore, within the past day, CoinMarketCap reported that the value of this memecoin had grown by an impressive 6.5%.
Despite a slight decrease in optimistic views towards the memecoin, its positive sentiment still held some weight – As indicated by a drop in its overall perceived positivity.
One interpretation of recent data suggests that a decrease in investor confidence may not harm PEPE significantly at this time. Notably, Plazma, a renowned crypto analyst, holds this perspective and predicts that PEPE could soon reach its all-time high (ATH).
I delved into PEPE‘s on-chain statistics to assess its potential for significant price movements. According to Santiment’s data, PEPE’s MVRV ratio stood at 16.26%. Furthermore, there was noticeable whale activity surrounding the memecoin last week.
After conducting a more detailed analysis, it was discovered that the amount of the memecoin held by leading wallets had significantly increased. This indicated that whales were actively purchasing PEPE, suggesting they believe the memecoin’s value will rise in the near future.
PEPE to hit new highs soon?
To determine if the memcoin might reach its all-time high (ATH) once more, AMBCrypto examined its daily price chart.
The MACD indicated a bullish signal in the market, as the RSI sat comfortably above its neutral level. Furthermore, the Bollinger Bands suggested that PEPE‘s price was significantly above its 20-day moving average, indicating potential for continued upward momentum.
As a researcher, I delved into Hyblock Capital’s data to explore if there were any resistance levels for PEPE prior to its all-time high (ATH). To my discovery, PEPE’s liquidation level exhibited a significant surge around the $0.00000928 mark. Historically, heightened liquidations have been associated with price corrections.
As a crypto investor, I can tell you that reaching and surpassing a specific resistance level is essential for a memecoin’s growth. Breaking through this barrier would pave the way for further price discovery, potentially leading us to test its all-time high (ATH).
Is your portfolio green? Check the PEPE Profit Calculator
As an analyst, I cannot definitively assert anything based on the data provided by IntoTheBlock. The finding that only 1% of PEPE investors have run out of funds may encourage some sellers to offload their holdings. This selling activity could potentially amplify and lead to a larger trend of selling, ultimately dampening PEPE’s recent upward momentum.
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2024-05-11 00:07