- If the price of PEPE rises above $0.00001, investors may see the price rising to new highs.
- Indicators suggested that selling pressure on meme coins is increasing.
pepeThe price skyrocketed in value on April 11th, gaining bullish momentum. Investors were hoping that a successful breakout could allow PEPE to reach new highs in the coming weeks.
However, things did not go as planned as the market crashed on April 13th.
PEPE bulls are gaining momentum
After a price rise, PEPE plummeted over 11% in the past 24 hours due to a market crash.
according to coin market capat the time of writing, Meme Coin was trading at $0.000005219 and had a market cap of over $2.2 billion.
In fact, AMBCrypto report A few days ago, about PEPE flipping optimism [OP] In terms of market capitalization.
AMBCrypto looked at TradingView data and noted several bullish indicators. Meme coin Chaikin Money Flow (CMF) recorded a rally on April 9th.
Additionally, on-balance volume (OBV) has remained high throughout the past seven days, which may have helped PEPE turn bullish before the market crash.
Source: TradingView
If investors remain patient, we may witness a massive bull run on PEPE as the memecoin price was moving in a bullish symmetrical triangle pattern.
Analyst Crypto Tony recently posted: Tweet Highlight the bull pattern. He pointed out that if PEPE can break above $0.00001, the meme coin price could reach new highs.
To see what could be PEPE’s immediate next target, AMBCrypto checked Hyblock Capital’s data. We found that meme coin liquidation rose sharply around $0.000008.
Therefore, to start a promising rise, PEPE needs to first surpass that mark and then rise to the $0.0000082 and $0.0000086 levels.
Source: Hyblock Capital
AMBCrypto then checked PEPE’s daily chart to find a target that PEPE could reach this summer if it can break out of the aforementioned high liquidation zone in the coming weeks.
Our analysis reveals that if the memecoin rises above $0.000009, there is a pretty good chance that PEPE will reach an all-time high this summer.
However, if the bears take control, it will be important for Memecoin to test the support near $0.000006. Falling below that level could be disastrous for meme coins.
Source: TradingView
Will PEPE’s upward trend continue in the short term?
As meme coin prices rose on April 11th, AMBCrypto checked on-chain metrics to see if the trend continues. We are seeing increasing selling pressure on meme coins.
Realistic or not, here it is PEPE market capitalization converted to BTC
This was explained by the fact that the on-exchange supply of meme coins increased, while the off-exchange supply decreased.
The supply held by top addresses has also decreased, meaning whales have sold their holdings. These indicators had a negative impact on meme coins, causing the price to plummet on April 13th.
Source: Santiment
