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Crypto: PEPE has surged by 100% in a month, but how far will this memecoin go?

Fri 24 May 2024 ▪ 3 min of reading ▪ by Fenelon L.
Getting informed Altcoins

The PEPE crypto price has more than doubled over the past month, reaching historical highs. However, several indicators suggest that a price correction could be imminent.

La crypto PEPE decole

The Stellar Rally of Pepecoin

Over the last 30 days, the PEPE price has surged by more than 100%, propelling the cryptocurrency to new records. According to CoinMarketCap data, PEPE was trading at $0.00001419 at the time of writing, with a market capitalization of over $5.97 billion.

This price surge has allowed 97% of PEPE holders to make profits, according to IntoTheBlock. Additionally, the bullish sentiment around the memecoin has strengthened, as evidenced by the increase in its social volume and weighted sentiment, according to Santiment.

Meanwhile, a whale withdrew more than 500 billion PEPE from the Binance exchange, as highlighted by Lookonchain in a recent tweet. This illustrates the strong buying pressure currently exerted on PEPE.

Will the Bullish Rally of PEPE Last?

Despite the prevailing euphoria, several indicators suggest an exhaustion of the bullish rally of PEPE. Indeed, data from Santiment reveals an increase in the supply of PEPE on exchanges, while the off-exchange supply decreases. This suggests that some investors are starting to sell their holdings.

Moreover, after a growth phase, the supply of PEPE held by the largest addresses has slightly decreased in recent days. An analysis of PEPE’s daily chart also shows a decline in its Chaikin Money Flow (CMF), while the MFI and RSI are in overbought territory.

All these elements indicate that a price correction could be on the horizon. If confirmed, the PEPE price could initially retreat to $0.0000122. At this level, a rebound and the start of a new bullish rally are possible. However, dropping below this threshold could push this crypto towards $0.000010.

Despite PEPE’s impressive rally in recent weeks, selling pressure seems to be mounting on the memecoin. While a continuation of the uptrend cannot be ruled out, investors should remain vigilant in the face of mounting reversal signals.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.