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PEPE’s price increased by more than 3% in the last seven days.
The meme coin might face resistance at $0.0000092 before retesting its ATH.
As an experienced analyst, I’ve closely observed the recent trend of PEPE (PEPE), a meme coin that has been making waves in the crypto market. Based on my analysis, I believe PEPE is showing strong signs of continuing its upward momentum and potentially surpassing its all-time high (ATH).
Pepe (the cryptocurrency) could regain prominence soon, as it was getting close to reaching a new record high.
As an analyst, I’ve noticed an intriguing development in the chart of this meme coin. A bullish pattern has emerged, suggesting that it could potentially surge beyond its all-time high (ATH) in the near future. Let’s delve deeper into the situation to better understand the dynamics at play.
PEPE is on the right track
Previously reported by AMBCrypto, PEPE was making its way towards reaching its all-time high (ATH) once again for another test. As the hype around this meme coin intensified, it moved even closer to retesting its previously established record high.
As a crypto analyst, I’ve noticed that Crypto Tony recently brought attention to this significant development in a tweet of his.
The meme coin was approaching its all-time high when its value surged by over 3.6 percent within the past week.
Currently, the value of the meme coin is at $0.000008732 in exchange for one unit, while its total market worth exceeds an impressive $3.67 billion.
It seemed plausible that PEPE would surpass its all-time high (ATH) in the near future, given the emergence of a bullish ascending triangle pattern on its chart.
As a researcher studying the meme coin’s market trends, I have observed that its price has been consolidating within the bullish pattern since the beginning of April. At present, the coin is on the brink of breaking out from this pattern based on certain metrics I’ve analyzed. These indicators point towards a potential successful breakout.
PEPE’s cost continued to surpass its 20-day Exponential Moving Average (EMA), while the Relative Strength Index (RSI) indicated a rise, suggesting that the price growth may persist further.
Although some signs point in a different direction, the Chaikin Money Flow (CMF) experienced a significant drop.
After a considerable upward trend, the Money Flow Index for PEPE took a minor dip, potentially impeding the stock from surpassing its established pattern.
What metrics suggest
Last week, AMBCrypto examined Santiment’s data to determine if metrics indicated PEPE could surpass its current trend. Notably, PEPE’s MVRV (Market Value to Realized Value) ratio stayed positive during that period.
As of the latest report, the metric stood at approximately 14.8%, yet the open interest for the meme coin has decreased.
Furthermore, PEPE‘s sentiment shifted negatively, as indicated by a decrease in its Weighted Sentiment score.
I examined Hyblock Capital’s data as an analyst at AMBCrypto to identify potential obstacles for PEPE‘s price surge toward its all-time high (ATH). Based on my assessment, a notable increase in liquidation could be anticipated for PEPE around the $0.0000092 mark.
When the rate of companies being liquidated increases, it typically leads to a decrease in prices. Consequently, surpassing this threshold becomes essential for the meme coin if it aims to reach its all-time high (ATH) again and potentially exceed it.
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2024-05-13 07:03