PEPE, the popular meme coin, has been on a tear. Over the past month, its price skyrocketed over 100%, reaching a record high. This bullish trend has many investors wondering, can PEPE keep climbing?
PEPE, the meme coin sensation, has soared an incredible 100% in just 30 days, hitting new all-time highs. This surge has made nearly all investors happy, with over 97% of them seeing profits. But, there are signs suggesting a possible price drop.
Metrics like CMF, MFI, and RSI indicate that a correction might be on the way. Despite recent buying and big purchases by whales, there’s evidence of selling, seen in the coin’s supply on exchanges going up while top addresses’ holdings drop.
Experts think PEPE could correct to $0.0000122, possibly even lower to $0.000010. With PEPE’s rally under scrutiny, it’s smart for investors to be cautious and keep an eye on how the market is changing.
PEPE Hits New Highs, Investors Rejoice
In the past month, PEPE holders have experienced a dream scenario as the meme coin’s price surged, delivering substantial profits to over 97% of investors, as reported by IntoTheBlock. This momentum has been relentless, with even the last 24 hours witnessing a notable 3.5% increase, propelling PEPE to unprecedented highs.
The enthusiasm among investors is maintained as PEPE continues its remarkable ascent, further solidifying its position as a standout performer in the cryptocurrency market.
Social Buzz and Whale Activity Add Fuel to the Fire
This price jump isn’t happening alone. People on social media are talking a lot about PEPE, and most of the talk is positive. And there’s even more excitement because a big investor bought a huge amount of the memecoin – 500 billion, as Lookonchain reported.
Buying Frenzy or Sell-off in Disguise?
Despite a lot of buying recently, some signs point to a possible slowdown. More coins are moved to exchanges, which could mean people are selling their coins for profit. Also, big investors are holding a little less coins than before.
While buying pressure seems strong, with exchange outflows spiking last week, Santiment’s data reveals some conflicting signals. An increase in the coin’s supply on exchanges suggests some investors might be cashing in on their profits. Additionally, the holdings of top coins addresses have dipped slightly.
Charting PEPE’s Future: Correction or Continued Rally?
The daily chart for PEPE isn’t looking so bullish anymore. There are lines on the chart (CMF, MFI, RSI) that tend to go up when a price is rising quickly. When these lines get too high, it can mean the price increase isn’t sustainable and might fall back down soon.
PEPE’s Potential Landing Spot
If PEPE has a correction, it might first drop to about $0.0000122 before it stops falling and starts going up again. But if the drop is really big, it could go even lower, maybe below $0.000010.
Investing in the coin is a gamble. While it’s been on a hot streak lately, there’s a good chance the price could fall soon. Think carefully about the risks before you buy, considering the technical stuff (like the chart) and the possibility of a price drop.
These gains bring a much needed respite for investors in the weeks to come.
However, the value of cryptocurrencies is largely based on speculation rather than concrete fundamentals. Future prices are unpredictable and highly susceptible to market sentiment. One should do their own research before investing.
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