- Market sentiment around PEPE remained bullish.
- Metrics and indicators hinted at a price correction soon.
PEPE has been on a gaining spree for quite some time now as it keeps reaching new highs. In the meantime, a whale bought billions of PEPE.
Does this mean that the meme coin is all set to continue its massive bull rally?
PEPE reaches new highs
The past month has earned investors quite some profit as the meme coin’s price skyrocketed. In fact, it allowed the meme coin to reach a new all-time high.
According to CoinMarketCap, PEPE was up by more than 100% over the last 30 days. Thanks to that, over 97% of PEPE investors were in profit, as per IntoTheBlock’s data.
The bullish momentum continued to sustain in the last 24 hours as the meme coin’s value surged by 3.5%, pushing its price to an ATH.
At the time of writing, the meme coin was trading at $0.00001419 with a market capitalization of over $5.97 billion.
The price increase had an impact on the meme coin’s social metrics. For instance, its social volume increased.
Moreover, the Weighted Sentiment went into the positive zone, meaning that bullish sentiment around the meme coin increased.
Source: Santiment
Alongside this, a whale continued to stockpile. Lookonchain recently posted a tweet highlighting the fact that a whale withdrew more than 500 billion PEPE from Binance.
To see whether buying pressure was overall high on PEPE, AMBCrypto analyzed Santiment’s data. We found that the meme coin’s exchange outflow spiked multiple times last week, hinting at high buying pressure.
Next, AMBCrypto discovered that the meme coin’s Supply on Exchanges increased while its Supply outside of Exchanges dropped. This suggested that investors might have decided to sell their holdings.
Additionally, after a rise, PEPE’s supply held by top addresses registered a slight decline.
Source: Santiment
Will PEPE’s bull rally last?
AMBCrypto then analyzed PEPE’s daily chart to find whether the recent rise in selling pressure would put an end to its bull rally. We found that its Chaikin Money Flow (CMF) registered a decline.
Both its Money Flow Index (MFI) and Relative Strength Index (RSI) were resting in the overbought zone. All these suggested that PEPE’s price might drop soon.
Source: TradingView
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If a price correction happens, the meme coin’s price might first drop to $0.0000122. At that level, PEPE might display a rebound and initiate another bull rally.
However, a plummet under that mark could result in the meme coin dropping to $0.000010.
Source: Hyblock Capital
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