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Why is Pepe meme coin rising? What comes after PEPE’s ATH?
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- Pepe price reached an ATH of $0.0000147 on May 23 after a 65% gain in the last three days.
- Investors have two accumulation levels at $0.0000118 and $0.0000102 before the next leg.
- On-chain metrics show an increase in investor interest without major signs of selling pressure.
The price of Pepe (PEPE) shows signs of continuation of the uptrend, but it may follow a correction. This short-term pullback could be used by sidelined buyers to accumulate PEPE for the next leg up.
Read too: Is the crypto bull back?
Why is Pepe optimistic?
Pepe price consolidated for 66 days between March 14th and May 19th, accumulating orders. On May 20, the frog-themed meme coin broke the $0.0000058 to $0.0000108 upward range and began its 65% rally that reached a new all-time high (ATH) of $ $0.0000147, where it currently trades.
The catalyst for this impulsive movement in Pepe’s price can be attributed to the optimism surrounding Ethereum approval of the Exchanged Traded Fund (ETF) in cash. Since PEPE is an ERC-20 meme coin, the ETH-based coin News played a key role in driving the meme coin upwards.
See more information: As Ethereum spot ETF approval approaches, these altcoins could explode
Opportunity to purchase PEPE
After Pepe price surpassed the $0.0000108 level, it rose 65%, and this momentum is likely to end, 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 the Pepe price to $0.0000118, the midpoint of the 65% move. This is the first level of accumulation.
Extended Profit Taking: Should the selling pressure become too much, PEPE could likely break $0.0000108, the upper limit of the range mentioned above, 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 may choose to leave bids close to both levels and capitalize on the next leg of the upward trend.
PEPE/USDT 1-day chart
Why is this ETH-based meme likely to rally further?
According to Santiment, 24-hour active addresses, wallets that interact with the Pepe blockchain, increased from 3,600 to 12,000 between May 21 and 22. This sudden increase is similar to the increase in active addresses in mid-May when PEPE spiked. up to 36%.
This metric shows that investors are interested in Pepe at current price levels.
PEPE’s 24-hour active addresses
Additionally, the 30-day market value to realized value (MVRV) shows 39%, suggesting that the average profit for investors who purchased PEPE in the last month is 39%. A higher MVRV value means investors are sitting on unrealized profits and is considered a potential sell signal. Additionally, past history needs to be taken into consideration to obtain accurate results.
Over the past year, many reversals in Pepe’s price have occurred around 39%, but February’s rebound pushed PEPE’s local top from nearly 40% to 119%. During bull runs, investors become 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 top out locally here.
30-day PEPE MVRV
Although Pepe price appears comfortable after its impulsive 65% move, the uptrend could be undone if the Ethereum spot ETF is delayed or not approved. A breach of the $0.0000108 level would be the first bearish sign panorama.
If Pepe price produces a decisive daily close 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 in the last three days.
- Investors have two accumulation levels at $0.0000118 and $0.0000102 before the next leg.
- On-chain metrics show an increase in investor interest without major signs of selling pressure.
The price of Pepe (PEPE) shows signs of continuation of the uptrend, but it may follow a correction. This short-term pullback could be used by sidelined buyers to accumulate PEPE for the next leg up.
Read too: Is the crypto bull back?
Why is Pepe optimistic?
Pepe price consolidated for 66 days between March 14th and May 19th, accumulating orders. On May 20, the frog-themed meme coin broke the $0.0000058 to $0.0000108 upward range and began its 65% rally that reached a new all-time high (ATH) of $ $0.0000147, where it currently trades.
The catalyst for this impulsive movement in Pepe’s price can be attributed to the optimism surrounding Ethereum approval of the Exchanged Traded Fund (ETF) in cash. Since PEPE is an ERC-20 meme coin, the ETH-based coin News played a key role in driving the meme coin upwards.
See more information: As Ethereum spot ETF approval approaches, these altcoins could explode
Opportunity to purchase PEPE
After Pepe’s price surpassed the $0.0000108 level, it rose 65%, and this momentum is likely to end, 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 the Pepe price to $0.0000118, the midpoint of the 65% move. This is the first level of accumulation.
Extended Profit Taking: Should the selling pressure become too much, PEPE could likely break $0.0000108, the upper limit of the range mentioned above, 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 may choose to leave bids close to both levels and capitalize on the next leg of the upward trend.
PEPE/USDT 1-day chart
Why is this ETH-based meme likely to rally further?
According to Santiment, 24-hour active addresses, wallets that interact with the Pepe blockchain, increased from 3,600 to 12,000 between May 21 and 22. This sudden increase is similar to the increase in active addresses in mid-May when PEPE spiked. up to 36%.
This metric shows that investors are interested in Pepe at current price levels.
PEPE’s 24-hour active addresses
Additionally, the 30-day market value to realized value (MVRV) shows 39%, suggesting that the average profit for investors who purchased PEPE in the last month is 39%. A higher MVRV value means investors are sitting on unrealized profits and is considered a potential sell signal. Additionally, past history needs to be taken into consideration to obtain accurate results.
Over the past year, many reversals in Pepe’s price have occurred around 39%, but February’s rebound pushed PEPE’s local top from nearly 40% to 119%. During bull runs, investors become 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 top out locally here.
30-day PEPE MVRV
Although Pepe price appears comfortable after its impulsive 65% move, the uptrend could be undone if the Ethereum spot ETF is delayed or not approved. A breach of the $0.0000108 level would be the first bearish sign panorama.
If Pepe price produces a decisive daily close 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.