Memecoins
PEPE – Will Memecoin’s 10% Price Rise Be the Trigger for Another 80% Rise?
- PEPE appreciated by almost 10% over the 24-hour period
- In contrast to the price increase, bearish sentiment towards cryptocurrencies has increased
The recent change in market trends has allowed several cryptocurrencies to turn their charts green. PEPPER was one of them, with memecoin rising to be among the market’s biggest gainers with double-digit gains. The price increase has led the memecoin to reach a critical level, with the possibility that this will result in greater price appreciation.
PEPE bulls are here
CoinMarketCap data revealed that when the market turned bullish, PEPE managed to increase its price by almost 10%. At the time of writing, the memecoin was trading at $0.000007627 with a market capitalization of over $3.2 billion, making it the 30th largest cryptocurrency in the rankings.
Thanks to the latest price hike, over 75% of PEPE investors are now also in profit, according to IntoTheBlock data.
When the bullish rally began, the memecoin price reached a critical level. World of Charts, a famous cryptocurrency analyst, recently shared a tweet highlighting a bullish flag pattern that has formed on the mem coin’s chart. According to him, a successful break of this pattern would allow the memecoin to increase its price by 80% in the coming weeks.
Since PEPE had already started to strengthen, AMBCrypto checked its parameters to see if this uptrend would allow the memecoin to break out of the bullish pattern. Analysis of Santiment data by AMBCrypto revealed that buying pressure on the memecoin was high as its stock outflow soared on May 3.
Furthermore, the supply of PEPE on exchanges decreased dramatically while the supply outside of exchanges increased, further demonstrating that investors have bought into the memecoin. Instead, whales sold their holdings as the supply of memecoins held by major addresses declined.
Source: Santimento
In what direction is PEPE moving?
When the price of memecoin went up, people started talking about it as PEPE’s social volume increased. However, it is surprising to see that despite the price increase, the weighted sentiment of the meme coin has decreased.
This clearly meant that bearish sentiment still retained some degree of dominance in the market.
Source: Santimento
Light Pepe’s [PEPE] Price forecast 2024-25
Therefore, AMBCrypto checked the daily chart of PEPE to see what the market indicators suggested regarding the memecoin’s latest rally.
We found that after a sharp increase, the altcoin’s Money Flow Index (MFI) trended sideways. A similar trend was also noticed on the Chaikin Money Flow (CMF) chart. This indicates that the PEPE rally may not last long.
Nonetheless, the MACD remained in favor of buyers as it projected a bullish edge on the market.
Source: TradingView
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