- Market sentiment around PEPE remained bullish.
- Indicators and indicators suggested that prices would undergo a correction in the near future.
Pepe PEPE continues to reach new highs and has been on an uptrend for quite some time, during which large investors have purchased billions of PEPE.
Does this mean that the meme coin is poised to continue its massive bull run?
PEPE hits new highs
Investors have made handsome profits in the last month as meme coins have skyrocketed in price. In fact, meme coins have hit new all-time highs.
according to CoinMarketCapPEPE has risen by over 100% in the past 30 days, which has resulted in over 97% of PEPE investors seeing profits, according to IntoTheBlock. data.
The bullish momentum continued over the past 24 hours, with the meme coin’s value surging by 3.5% and its price hitting an all-time high.
At the time of writing, Memecoin is trading at $0.00001419 and has a market cap of over $5.97 billion.
The price increase has had an impact on the meme coin’s social metrics, for example, social volume has increased.
Moreover, weighted sentiment entered the positive territory, signifying an increase in bullish sentiment towards the meme coin.
Source: Santiment
In parallel with this, whales continued to stockpile. Lookonchain recently Tweet It highlights the fact that whales have withdrawn over 500 billion PEPE from Binance.
To see if buying pressure on PEPE was high overall, AMBCrypto analyzed data from Santiment, which showed that outflows from exchanges for the meme coin spiked multiple times last week, suggesting increased buying pressure.
Secondly, AMBCrypto found that while the supply of meme coins on exchanges increased, the supply off exchanges decreased, suggesting that investors may have decided to sell their holdings.
Additionally, following the rally, the supply of PEPE held by top addresses decreased slightly.
Source: Santiment
Will the PEPE bull market continue?
AMBCrypto then analyzed the daily chart of PEPE to see if the recent surge in selling pressure could bring an end to the bull market, and found that Chaikin Money Flow (CMF) was declining.
The Money Flow Index (MFI) and the Relative Strength Index (RSI) are both remaining in the overbought zone, suggesting that PEPE price may soon see a drop.
Source: TradingView
Is your portfolio green? PEPE Profit Calculator
If a price correction occurs, the meme coin’s price may first fall to $0.0000122. At that level, PEPE may show signs of rebounding and start another bull run.
However, a drop below that level could see the meme coin fall to $0.000010.
Source: Highblock Capital
