- If PEPE’s price crossed $0.00001, investors might see its price rise to new highs.
- Metrics suggested that selling pressure on the meme coin was increasing.
PEPE’s price gained bullish momentum on the 11th of April as its value surged. Investors were hopeful about a successful breakout, which could allow PEPE to reach new highs in the coming weeks.
However, things did not go as planned as the market crashed on the 13th of April.
PEPE bulls are stepping up
After a price uptick, the market crash caused PEPE to plummet by more than 11% in the last 24 hours.
According to CoinMarketCap, at the time of writing, the meme coin was trading at $0.000005219 with a market capitalization of over $2.2 billion.
In fact, AMBCrypto reported a few days ago about PEPE flipping Optimism [OP] in terms of market cap.
AMBCrypto’s look at TradingView’s data pointed out a few bullish indicators. The meme coin’s Chaikin Money Flow (CMF) registered an uptick on the 9th of April.
Additionally, its On Balance Volume (OBV) remained high throughout the last seven days, which could have helped PEPE turn bullish before the market crashed.
Source: TradingView
If investors remain patient, then they might as well witness a massive PEPE bull rally, as the meme coin’s price was moving in a bullish symmetrical triangle pattern.
Analyst Crypto Tony recently posted a tweet highlighting the bull pattern. He noted that if PEPE successfully breaks above $0.00001, the meme coin’s price might reach new highs.
To see what might be the immediate next targets for PEPE, AMBCrypto checked Hyblock Capital’s data. We found that the meme coin’s liquidation will rise sharply near $0.000008.
So, to begin a promising rally, PEPE must first go above that mark, followed by $0.0000082 and $0.0000086 level.
Source: Hyblock Capital
AMBCrypto then checked PEPE’s daily chart to find the targets PEPE might hit this summer if it manages to break above the aforementioned high liquidation zones in the coming weeks.
Our analysis revealed that if the meme coin goes above $0.000009, then the possibility of PEPE reaching an all-time high this summer seems pretty high.
However, if bears take over, it will be crucial for the meme coin to test the support near $0.000006. A drop below that level could be disastrous for the meme coin.
Source: TradingView
Will PEPE’s uptrend last in the short-term?
Since the meme coin’s price rose on the 11th of April, AMBCrypto then checked its on-chain metrics to see whether the trend would last. We found that selling pressure on the meme coin was increasing.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
This was expounded by the fact that the meme coin’s Supply on Exchanges increased, while its supply outside of exchanges dropped.
Its supply held by top addresses also declined, meaning that the whales were selling their holdings. These metrics had a negative impact on the meme coin, as its price sank sharply on the 13th of April.
Source: Santiment
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