- PEPE’s price increased by more than 2% in the last 24 hours.
On-chain metrics hinted at a further price increase.
As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and price corrections. PEPE‘s recent price drop was no exception, leaving me worried about the potential loss in my investment. However, the recent surge in PEPE’s price with an increase of over 2% in the last 24 hours has brought a glimmer of hope.
As a PEPE investor, I’ve observed significant price corrections over the past week that led to a substantial loss in market capitalization for this memecoin.
Despite the previous setbacks, there was encouraging news for the memecoin as its daily chart transitioned into green, indicating potential signs of recuperation. Could this be an early indication of another bullish surge?
PEPE ready to recover
According to CoinMarketCap’s latest findings, the value of the memecoin decreased by approximately 6% over the past week. The coin reached a low point of $0.0000106 during this period.
As I delve into the world of cryptocurrencies, I’ve noticed an intriguing development with PEPE, the memecoin. In just the past day, its value has jumped by more than 2%. At this moment, I observe PEPE being traded at a price of $0.00001194 and boasting a market capitalization that exceeds $5.02 billion. This positions PEPE as the 23rd largest crypto in the current market landscape.
The recent price uptick also allowed the memecoin to go above a key resistance level.
As a crypto investor, I’ve been keeping an eye on the memecoin’s price action based on AMBCrypto’s analysis. The 12-hour chart indicated a successful break above the resistance level of $0.000012. Yet, at this moment, its value hovers slightly below that mark in my portfolio.
If PEPE can surpass its current level and maintain that progress, this rallying trend could develop into a complete restoration.
As a researcher observing the PEPE market, I would anticipate that if certain conditions are met, we could see PEPE revisiting its record peak in the near future.
Will PEPE begin a rally?
After PEPE‘s price decreased following its break above the resistance level, AMBCrypto decided to examine its underlying metrics to determine if they signaled an upcoming bull market.
Over the past week, there have been significant signs of demand for the memecoin, as indicated by the noticeable increases in coins being transferred out of exchanges.
As a researcher studying the memecoin PEPE, I’ve observed an intriguing shift in its supply distribution on the 16th of June. The amount of PEPE tokens circulating on exchanges decreased, while the tokens held off exchange increased. This trend implies that investors were actively purchasing PEPE and moving it to their personal wallets or cold storage, indicating a potential increase in demand for this memecoin.
The Memecoin’s MVRV ratio showed a slight enhancement following its dip on the 14th of June, signifying a potentially positive trend for investors.
As a researcher, I’ve observed an uptick in the positive sentiment surrounding the memecoin recently. This shift towards optimism has boosted bullish feelings among investors.
However, its social volume declined, reflecting a decline in its popularity.
As a crypto investor, I’ve come across an intriguing analysis by AMBCrypto on Hyblock Capital’s data regarding the potential price movement of PEPE. According to their findings, if this token were to turn bullish, it could potentially reach a price level of $0.0000139. This prediction is based on the assumption that liquidation would surge at that point.
Read Pepe’s [PEPE] Price Prediction 2024-25
Generally, a rise in liquidation results in short-term price corrections.
If PEPE manages to surpass its current resistance level, it could lead to new record-high prices for the memecoin. However, should bears take control instead, a potential plunge down to $0.000009 may ensue.
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2024-06-17 12:07