- PEPE has recently broken its long moving-average.
- It is one of the highest gainers for the week.
As a seasoned analyst with over two decades of market observation under my belt, I must say that PEPE’s recent performance is nothing short of remarkable. The memecoin has been making waves and grabbing headlines for its impressive gains this week.
As a researcher, I’ve been closely observing the memecoin market, and it’s clear that PEPE has been capturing everyone’s attention lately. In the last week alone, it has recorded some impressive gains, standing out amongst its competitors.
According to data from CoinMarketCap, PEPE was among the leading weekly gains, having experienced an impressive surge of more than 25% in the past seven days. This significant rise propelled it to become the fourteenth largest gainer during this period.
This uptrend made it the second-biggest gainer among memecoins.
From my perspective as an analyst, shifting focus towards its recent surge, delving deeper into price points, daily transaction volumes, and various other metrics offers valuable insights about potential future trends.
Charting PEPE’s bullish case
In the past few days, PEPE’s value has demonstrated significant resilience, rising from approximately 0.00000090 cents to about 0.00000112 cents at present.
At approximately $0.00000100, this area served as a significant base for the price, which later gained momentum and rose during this surge.
When PEPE’s trading price surpassed both its 50-day and 200-day moving averages, which stood around $0.00000096 and $0.00000099 respectively, these thresholds signified strong upward trend or bullish energy in the market.
In simpler terms, the MACD line (which helps predict price trends based on moving averages) crossed paths in an upward direction, suggesting that the price growth will continue. Meanwhile, the On-Balance Volume (a graphical representation of net volume flow) has been climbing, indicating a strong increase in buying activity.
If it manages to hold its value above 0.00000100 and maintains a bullish MACD, it could potentially draw in more buyers who are targeting the next potential resistance at approximately 0.00000115.
Bearish signs emerge as well
As PEPE’s latest rise looks hopeful, it’s important to exercise caution when the price nears a possible barrier where sellers might step in.
Remarkably, the Relative Strength Index (RSI) was approaching an overbought state, implying that a potential correction might be imminent.
Typically, once the Relative Strength Index (RSI) hits these particular values, there tends to be a retreat towards the $0.00000100 support level as traders cash out their gains.
A key resistance level for PEPE lies at $0.00000115, where the price previously faced selling pressure.
Should PEPE find it difficult to surpass the current resistance level, it might indicate a temporary peak, possibly leading to a period of consolidation or another test against lower support zones.
Keeping an eye on the $0.00000100 price point could be crucial for traders, since a drop beneath this level could potentially signal a shift in market direction, hinting at a possible trend reversal.
Daily active addresses
On a day-to-day basis, there has been a significant spike in the number of PEPE’s actively used addresses. This surge corresponds with the recent upward trend in its pricing.
Over the past few days, the number of daily active addresses has increased significantly, from roughly 3,500 to approximately 4,900. This surge indicates a growing fascination with the token.
Previously, increases in the number of daily active wallets for PEPE have tended to drive up its price, suggesting that the growth is driven by genuine investor interest as opposed to short-term excitement or hype.
If PEPE maintains its current pace, it could potentially gather more speed and challenge the resistance level at approximately 0.00000115.
If the number of daily active addresses drops substantially, this might indicate decreasing enthusiasm, which could cause a decline and a return towards the $0.00000100 support level or possibly even lower prices.
An extended rise in addresses might strengthen the argument for further price rises, while a drop could suggest a reversion to previous price points.
PEPE’s correlation with Bitcoin
In this case, the Correlation Coefficient serves as a tool for assessing the degree to which the price movements of PEPE and Bitcoin (BTC) are connected. The values it provides range from -1 to 1, with these numbers indicating the level of relationship strength.
A number near 1 implies that PEPE’s price generally follows Bitcoin’s trend, whereas a figure close to -1 suggests PEPE’s price usually moves opposite to Bitcoin’s.
Realistic or not, here’s PEPE market cap in BTC’s terms
Presently, the correlation coefficient stands at -0.62, indicating a moderate inverse relationship between PEPE and BTC. In simpler terms, as the value of Bitcoin increases, we often see PEPE decreasing, and conversely, when PEPE grows, Bitcoin tends to decrease.
In my analysis, the negative correlation wasn’t particularly robust, suggesting that although there was some counterbalancing action, PEPE’s price movements might still be influenced by factors unique to it, implying independent behavior.
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2024-11-10 10:16