Memecoins
Why is the Pepe meme piece rallying? What is the next step after the PEPE ATH?
You have reached your limit 5 free items for this month.
Get Premium without limits for just $9.99 for the first month
Access all our articles, analyzes and analysts.
Your promo code
- Pepe price reached an ATH of $0.0000147 on May 23 after a 65% gain over the past three days.
- Investors have two accumulation levels at $0.0000118 and $0.0000102 before the next step.
- On-chain metrics show a spike in investor interest without major signs of selling pressure.
Pepe (PEPE) price is showing signs of continuing its uptrend, but this could come after a correction. This short-term decline could be used by marginalized buyers to accumulate PEPE for the next rise.
Read also : Is the crypto bull on the run?
Why is Pepe optimistic?
The Pepe price consolidated for 66 days between March 14 and May 19, increasing orders. On May 20, the frog-themed meme coin broke the $0.0000058 to $0.0000108 range on the upside and began its 65% rally, which reached a new all-time high (ATH) of $0.0000147, where it is currently trading.
The catalyst for this impulsive price movement of Pepe can be attributed to the uptrend surrounding Ethereum Spot approval of Exchanged Traded Funds (ETFs). Since PEPE is an ERC-20 meme coin, the ETH-based system news played a pivotal role in propelling the play even higher.
Learn more: As Ethereum Spot ETF Approval Nears, These Altcoins Could Explode
PEPE purchase opportunity
After Pepe price broke the $0.0000108 level, it surged 65%, and this momentum is likely realized, at least in the short term. Going forward, investors can expect one of two scenarios to play out.
Mean Reversion: A 16% correction that pushes Pepe price down to $0.0000118, the midpoint of the 65% move. This is the first level of accumulation.
Prolonged Profit Taking: If the selling pressure is too strong, PEPE could very likely break $0.0000108, the upper limit of the aforementioned range and revisit the imbalance, extending from $0.0000108 to $0.00000959 . This move would constitute a drop of almost 25% from the current level and is another level of accumulation.
Investors could choose to leave bids close to both levels and capitalize on the next leg of the uptrend.
PEPE/USDT 1-day chart
Why is this ETH-based meme likely to rally further?
According to Santiment, 24-hour active addresses, wallets interacting with the Pepe blockchain, increased from 3,600 to 12,000 between May 21 and 22. This sudden increase is similar to the rise in active addresses in mid-May, when PEPE shot up 36%.
This metric shows that investors are interested in Pepe at current price levels.
PEPE active addresses 24 hours a day
Furthermore, the 30-day market value to realized value (MVRV) shows 39%, which suggests that the average profit of investors who purchased PEPE in the last month is 39%. A higher MVRV means investors have unrealized profits and is considered a potential sell signal. In addition to this, past history must be taken into account to obtain accurate results.
Over the past year, many Pepe price reversals have occurred around 39%, but February’s rally pushed PEPE’s local high from nearly 40% to 119%. During bullish periods, investors are much more confident and are less likely to sell, which is why MVRV reaches higher numbers before the market reverses.
With this in mind, investors can rest assured that Pepe’s price is unlikely to form a local top here.
PEPE MVRV 30 days
Although Pepe price looks comfortable after its impulsive 65% move, the uptrend could unravel if the Ethereum spot ETF is delayed or not approved. A breakout of the $0.0000108 level would be the first sign of a downtrend. outlook.
If Pepe price produces a decisive daily candlestick closing below $0.00000887, it would create a lower low and invalidate the bullish thesis. Such a development could see PEPE fall to $0.00000835, a key support level.
- Pepe price reached an ATH of $0.0000147 on May 23 after a 65% gain over the past three days.
- Investors have two accumulation levels at $0.0000118 and $0.0000102 before the next step.
- On-chain metrics show a spike in investor interest without major signs of selling pressure.
Pepe (PEPE) price is showing signs of continuing its uptrend, but this could come after a correction. This short-term decline could be used by marginalized buyers to accumulate PEPE for the next rise.
Read also : Is the crypto bull on the run?
Why is Pepe optimistic?
The Pepe price consolidated for 66 days between March 14 and May 19, increasing orders. On May 20, the frog-themed meme coin broke the $0.0000058 to $0.0000108 range on the upside and began its 65% rally, which reached a new all-time high (ATH) of $0.0000147, where it is currently trading.
The catalyst for this impulsive price movement of Pepe can be attributed to the uptrend surrounding Ethereum Spot approval of Exchanged Traded Funds (ETFs). Since PEPE is an ERC-20 meme coin, the ETH-based system news played a pivotal role in propelling the play even higher.
Learn more: As Ethereum Spot ETF Approval Nears, These Altcoins Could Explode
PEPE purchase opportunity
After Pepe price broke the $0.0000108 level, it surged 65%, and this momentum is likely realized, at least in the short term. Going forward, investors can expect one of two scenarios to play out.
Mean Reversion: A 16% correction that pushes Pepe price down to $0.0000118, the midpoint of the 65% move. This is the first level of accumulation.
Prolonged Profit Taking: If the selling pressure is too strong, PEPE could very likely break $0.0000108, the upper limit of the aforementioned range and revisit the imbalance, extending from $0.0000108 to $0.00000959 . This move would constitute a drop of almost 25% from the current level and is another level of accumulation.
Investors could choose to leave bids close to both levels and capitalize on the next leg of the uptrend.
PEPE/USDT 1-day chart
Why is this ETH-based meme likely to rally further?
According to Santiment, 24-hour active addresses, wallets interacting with the Pepe blockchain, increased from 3,600 to 12,000 between May 21 and 22. This sudden increase is similar to the rise in active addresses in mid-May, when PEPE shot up 36%.
This metric shows that investors are interested in Pepe at current price levels.
PEPE active addresses 24 hours a day
Furthermore, the 30-day market value to realized value (MVRV) shows 39%, which suggests that the average profit of investors who purchased PEPE in the last month is 39%. A higher MVRV means investors have unrealized profits and is considered a potential sell signal. In addition to this, past history must be taken into account to obtain accurate results.
Over the past year, many Pepe price reversals have occurred around 39%, but February’s rally pushed PEPE’s local high from nearly 40% to 119%. During bullish periods, investors are much more confident and are less likely to sell, which is why MVRV reaches higher numbers before the market reverses.
With this in mind, investors can rest assured that Pepe’s price is unlikely to form a local top here.
PEPE MVRV 30 days
Although Pepe price looks comfortable after its impulsive 65% move, the uptrend could unravel if the Ethereum spot ETF is delayed or not approved. A breakout of the $0.0000108 level would be the first sign of a downtrend. outlook.
If Pepe price produces a decisive daily candlestick closing below $0.00000887, it would create a lower low and invalidate the bullish thesis. Such a development could see PEPE fall to $0.00000835, a key support level.