Can PEPE sustain its surge to $0.000017? Key metrics suggest…
Release: 2024/07/30 08:05 Reading: 404
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=410226
Bullish Momentum for PEPE Continues
In recent weeks, PEPE has witnessed an increase in long-term holders and a surge in price. The memecoin's value has risen 2% over the past week, with a surge of nearly 5% in the past 24 hours. This has resulted in 77% of PEPE investors realizing profits.
Data from IntoTheBlock reveals a growing number of addresses holding PEPE for over a year, demonstrating investor confidence in the currency.
Crypto analyst $SHIB KNIGHT has identified a bullish pattern indicating that PEPE could potentially reach $0.000017 if it breaks out above a parallel channel.
On-Chain Analysis
On-chain metrics suggest that the bullish momentum may be sustainable. Santiment's data shows a high 60-day MVRV ratio, indicating bullish sentiment. However, there is a lack of significant buying or selling pressure.
A concerning metric is the increasing NVT ratio, suggesting that PEPE may be overvalued and prone to a price correction. Despite the price increase, the weighted sentiment remains negative, indicating bearish sentiment around the coin.
Technical Analysis
PEPE's Relative Strength Index (RSI) indicates a continued price rise. However, the MACD remains in favor of the sellers, suggesting a potential bearish crossover.
Target Levels
If the bearish trend continues, PEPE may decline to $0.00000953. Conversely, if the bullish rally continues, it is crucial for PEPE to surpass $0.000014 to target $0.000017.
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