- Market sentiment around PEPE remained bullish.
- Statistics and indicators pointed to a speedy price correction.
PEPE has been on the rise for quite some time and continues to reach new highs. In the meantime, a whale bought billions of PEPE.
Does this mean the meme coin is all set to continue its massive bull rally?
PEPE reaches new heights
Over the past month, investors have made quite a profit as the price of the meme coin skyrocketed. It even pushed the meme coin to a new all-time high.
According to CoinMarketCapPEPE is up more than 100% in the last 30 days. Thanks to that, more than 97% of PEPE investors made a profit, according to IntoTheBlock’s facts.
The bullish momentum continued over the past 24 hours as the meme coin’s value rose 3.5%, pushing its price to an ATH.
At the time of writing, the meme coin was trading at $0.00001419 with a market cap of over $5.97 billion.
The price increase impacted the meme coin’s social metrics. For example, social volume increased.
Moreover, the weighted sentiment entered the positive zone, meaning that bullish sentiment around the meme coin increased.
Source: Santiment
In addition, a whale continued to stockpile supplies. Lookonchain recently posted a tweet highlighting the fact that a whale extracted over 500 billion PEPE from Binance.
To see if buying pressure on PEPE was high overall, AMBCrypto analyzed Santiment data. We found that the meme coin’s outflows spiked several times in the past week, indicating high buying pressure.
Subsequently, AMBCrypto discovered that the supply of the meme coin on exchanges increased, while the supply outside exchanges decreased. This suggested that investors may have decided to sell their holdings.
In addition, the supply of PEPE, which is managed by top addresses, has fallen slightly after an increase.
Source: Santiment
Will PEPE’s Bull Rally Last?
AMBCrypto then analyzed PEPE’s daily chart to determine whether the recent increase in selling pressure would put an end to the bull rally. We found that the Chaikin Money Flow (CMF) recorded a decline.
Both the Money Flow Index (MFI) and the Relative Strength Index (RSI) were in the overbought zone. All this indicated that the price of PEPE could soon fall.
Source: TradingView
Is your portfolio green? look at the PEPE profit calculator
If a price correction occurs, the price of the meme coin may first drop to $0.0000122. At that level, PEPE could stage a recovery and initiate a new bull rally.
However, a drop below that level could see the meme coin drop to $0.000010.
Source: Hyblock Capital