- PEPE’s price increased by more than 4% in the last 24 hours.
Most metrics and indicators looked bullish on the memecoin.
As a researcher with experience in cryptocurrency markets, I’m observing PEPE‘s recent performance with great interest. The memecoin’s price surge of over 4% in the last 24 hours and the bullish metrics are promising indicators for potential recovery from its recent decline.
PEPE, which had dipped a bit after hitting a new record high, is now exhibiting indications of bouncing back. Should this upward momentum persist, it’s possible that PEPE will challenge its all-time peak once more.
As a memecoin analyst, I’d recommend taking a detailed examination of the current memecoin landscape to gain insights into potential trends and developments for this coming month.
PEPE resumes its bull rally
Last month, the value of the memecoin experienced a remarkable increase of over 130%, resulting in a new record high for its price.
As a PEPE investor, I’ve seen some price corrections in the market not too long ago. But just within the past day, the trend has shifted for the better.
Based on data from CoinMarketCap, the memecoin experienced a growth of more than 4% in its price over the past 24 hours. Currently, it is being traded at $0.00001524 and holds a market capitalization of $6.41 billion, placing it as the crypto with the 19th largest market size.
As a researcher observing the market trends, I found it quite unexpected that the sentiment graph, which takes into account the weight of various opinions, continued to register a low score for this asset despite its recent price increase. This observation suggests that the bullish sentiment towards this asset remains relatively subdued in the market.
Its social volume also sank last week, reflecting a dip in the memecoin’s popularity.
As a researcher, I’ve discovered an intriguing explanation for the recent surge in PEPE‘s price. Based on my investigation using data from AMBCrypto and Santiment, it appears that buying pressure has significantly increased. Specifically, my analysis uncovered that the amount of PEPE tokens held on exchanges decreased on May 31st. This reduction in available supply could have contributed to the uptick in price as investors scramble to acquire more tokens.
During this period, the meme coin’s availability outside of trading platforms grew significantly, indicating that investors were actively purchasing the coin. Furthermore, there was a substantial rise in the meme coin’s open interest.
A rise in the metric usually suggests that the ongoing price trend will continue further.
What to expect from PEPE?
To examine if the memcoin’s current bullish trend would persist, AMBCrypto checked its daily chart. Based on our assessment, the Chaikin Money Flow (CMF) indicator showed a positive increase.
Following a downturn, the Money Flow Index (MFI) exhibited a slight upward shift, implying that the bullish trend was likely to persist further.
As a crypto investor, I’ve been closely monitoring the price action of this memecoin. However, the Moving Average Convergence Divergence (MACD) indicator has given me cause for concern. Specifically, it hinted at an impending bearish crossover – a situation where the short-term moving average crosses below the long-term one. If this materializes, it could potentially signal the end of this memecoin’s impressive bull rally.
Read Pepe’s [PEPE] Price Prediction 2024-25
Based on AMBCrypto’s examination of Hyblock Capital’s findings, it appears that if the bull market continues, PEPE may reach its all-time high (ATH) again. This is due to the fact that liquidations are expected to increase around this level.
Frequent large-scale selling can lead to price adjustments. If the memecoin surges past its current level, it may reach $0.00002 in the near future. Conversely, if bears dominate, the price could fall as low as $0.000012 for investors.
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2024-06-01 18:15