- Market sentiment around PEPE remained bullish.
Metrics and indicators hinted at a price correction soon.
As an experienced financial analyst, I have closely monitored the PEPE market over the past month. While the bullish sentiment around PEPE remains high due to its impressive price gains and new all-time highs, there are several metrics and indicators that hint at a potential price correction in the near future.
PEPE has experienced consistent growth and hit successive highs over an extended period. Notably, a major investor, referred to as a “whale,” recently purchased vast quantities of PEPE, totaling billions of tokens.
Does this mean that the meme coin is all set to continue its massive bull rally?
PEPE reaches new highs
As an analyst, I can tell you that over the past month, investing in the meme coin has yielded significant returns for me and many other investors. This surge in price brought about a new peak in its value, reaching an unprecedented all-time high.
Based on information from CoinMarketCap, PEPE experienced a growth of over 100% within the past thirty days. Consequently, approximately 97% of PEPE’s investors have realized profits, according to IntoTheBlock’s statistics.
In the past 24 hours, the bullish trend persisted for the meme coin, causing its value to rise by 3.5% and reach a new all-time high price.
Currently, the value of the meme coin is sitting at $0.00001419 in exchange for one unit, while its total market worth exceeds an impressive $5.97 billion.
As an analyst, I have observed that the price surge led to a significant boost in the meme coin’s social metrics. Specifically, there was a noticeable uptick in social volume surrounding this digital asset.
As a crypto investor, I’ve noticed an uptick in optimistic feelings towards the meme coin in the community recently. The Weighted Sentiment has moved into positive territory, reflecting this surge in bullish sentiments.
As a researcher, I’ve observed an intriguing development in the PEPE market on Binance. A significant player, identified as a “whale,” has recently withdrawn over 500 billion tokens from the exchange. This action suggests that this investor may be hoarding or accumulating these tokens for future use. Keeping abreast of such moves can offer valuable insights into market trends and potential price fluctuations.
Last week, AMBCrypto examined Santiment’s data to determine if there was significant buying pressure for PEPE, the meme coin. Our analysis revealed that PEPE experienced several spikes in exchange outflows, indicating strong buying interest among investors.
Subsequently, AMBCrypto observed a trend where the available supply of the meme coin on exchanges grew, whereas the supply off the exchanges shrank. This observation hinted towards a possible selling action by investors.
Additionally, after a rise, PEPE’s supply held by top addresses registered a slight decline.
Will PEPE’s bull rally last?
An analysis by AMBCrypto of PEPE‘s daily price chart revealed that the increasing selling pressure might halt its ongoing bullish trend. Notably, the Chaikin Money Flow (CMF), an indicator used to measure buying and selling pressure in a security, demonstrated a downward trend.
The Money Flow Index (MFI) and Relative Strength Index (RSI) of PEPE were indicating overbought conditions. This could potentially signal an imminent price decrease for PEPE.
If there’s a price correction for meme coin PEPE, its price could initially fall as low as $0.0000122. However, it may then exhibit a rebound from this point and potentially initiate another bull market.
However, a plummet under that mark could result in the meme coin dropping to $0.000010.
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2024-05-24 04:07