- PEPE’s price increased by over 100% last month, allowing it to reach an all-time high, but the trend might change.
- Market sentiment around PEPE remained bullish.
- Metrics and indicators hinted at a price correction soon.
Discover the latest trends and insights on PEPE’s remarkable price surge and the potential for a market correction.
PEPE Reaches New Highs
Over the past month, PEPE has delivered significant profits to investors as its price skyrocketed, reaching a new all-time high. According to CoinMarketCap, PEPE was up by more than 100% over the last 30 days, with over 97% of PEPE investors in profit, as per IntoTheBlock’s data. The bullish momentum continued in the last 24 hours, with the meme coin’s value surging by 3.5%, pushing its price to an ATH. At the time of writing, PEPE was trading at $0.00001419 with a market capitalization of over $5.97 billion.
The price increase also impacted PEPE’s social metrics, with its social volume increasing. Moreover, the Weighted Sentiment went into the positive zone, indicating a rise in bullish sentiment around the meme coin.
Whale Activity and Market Dynamics
Alongside the price surge, a whale continued to stockpile PEPE. Lookonchain recently highlighted that a whale withdrew more than 500 billion PEPE from Binance. To assess the overall buying pressure on PEPE, AMBCrypto analyzed Santiment’s data and found that the meme coin’s exchange outflow spiked multiple times last week, hinting at high buying pressure. However, the meme coin’s Supply on Exchanges increased while its Supply outside of Exchanges dropped, suggesting that some investors might have decided to sell their holdings. Additionally, after a rise, PEPE’s supply held by top addresses registered a slight decline.
Will PEPE’s Bull Rally Last?
AMBCrypto then analyzed PEPE’s daily chart to determine whether the recent rise in selling pressure would end its bull rally. The analysis revealed that its Chaikin Money Flow (CMF) registered a decline. Both its Money Flow Index (MFI) and Relative Strength Index (RSI) were resting in the overbought zone, suggesting that PEPE’s price might drop soon. If a price correction occurs, the meme coin’s price might first drop to $0.0000122. At that level, PEPE might display a rebound and initiate another bull rally. However, a plummet under that mark could result in the meme coin dropping to $0.000010.
Conclusion
In conclusion, while PEPE has experienced a significant price surge and bullish sentiment, various metrics and indicators suggest a potential price correction. Investors should closely monitor market dynamics and be prepared for possible fluctuations. The future of PEPE’s bull rally remains uncertain, but the current data provides valuable insights for making informed decisions.
