- PEPE’s price dropped by more than 21% in the last 7 days
A bullish falling wedge pattern appeared on the memecoin’s chart
As an experienced analyst, I’ve seen my fair share of price volatility in the crypto market. The past week was particularly challenging for PEPE investors as the memecoin’s price dropped significantly, leading to losses for many. However, it’s important to note that this price action might not be a cause for despair, as bullish signs are emerging on the charts.
PEPE’s investors experienced a difficult week due to a significant decline in the memecoin’s value. Consequently, many investors faced substantial losses. However, there may be a silver lining as a potential new bull market could emerge soon. Notably, at the time of reporting, PEPE was located at a pivotal position on the price charts.
PEPE’s troublesome week
Based on CoinMarketCap’s report, the value of the meme coin decreased by over 21% within the last week. Previously, this meme coin had gained popularity due to a significant number of investors seeing gains, with approximately 90% reporting profits. However, recent price fluctuations have led to a decrease in profitable investors, now standing at 67%, according to IntoTheBlock’s most recent data.
The downward trend in price caused a decrease in the coin’s MVRV (Market Value to Realized Value) ratio. This reduction was in line with expectations. However, it was unexpected to find that the sentiment graph, which takes into account various factors and assigns weights to each, indicated positive sentiments towards the coin despite its value decline.
This suggested that bullish sentiment around the memecoin was dominant across the market.
Will investors’ confidence pay off?
As a crypto investor, I’ve noticed a shift in optimistic outlook towards PEPE. One potential explanation for this surge in bullish sentiment is that PEPE appeared to be hovering around a significant point. To put it into perspective, renowned crypto analyst Plazma recently took to Twitter to express his belief that PEPE could experience a substantial price increase imminently, as its value was just shy of touching its 200-day simple moving average (SMA).
In the past, during an earlier occurrence in April, the memcoin’s value surged forward due to bullish sentiment, reaching its peak price.
If history repeats itself, then investors might see PEPE retesting its ATH in the coming weeks.
As a researcher, I’d like to point out that when I last checked, the memecoin had begun to show signs of recovery. In just the past day, its price had spiked by an impressive 14%. At the moment, the memecoin is priced at $0.00000915 and boasts a market capitalization exceeding $3.85 billion.
To discover if PEPE may repeat its past successes, AMBCrypto intends to conduct a detailed analysis of its daily price chart.
As a researcher studying PEPE‘s price action, I identified a bullish falling wedge pattern in the charts. This pattern appeared to be undergoing a test at its lower limit. If this test proves successful, it may trigger a rally that could lead PEPE back towards its all-time high (ATH).
Given that PEPE reaching its all-time high (ATH) appeared increasingly probable within the upcoming weeks based on its recent trends, AMBCrypto decided to examine Hyblock Capital’s data for insights into the potential short-term developments.
Read Pepe’s [PEPE] Price Prediction 2024-25
Based on our examination of PEPE‘s price trends, if it continues to surge bullishly, I believe we could see a full recovery from the recent losses and potentially reach a price of $0.000012.
However, if the bears step up again, then the memecoin might fall to $0.00000727 instead.
Read More
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- Top gainers and losers
- XLM vs. XRP: Which One is Better, Stellar Lumens or Ripple?
- NINJA PREDICTION. NINJA cryptocurrency
- T PREDICTION. T cryptocurrency
- Miners ‘punishing’ Bitcoin? Analysts point fingers as BTC slides below $66K
- DOGINME PREDICTION. DOGINME cryptocurrency
2024-07-06 16:07