- Whales were showing confidence in PEPE.
- A continued price increase might push PEPE to $0.00001 soon.
PEPE investors were having a profitable week as the token’s price surged in double digits. Unlike several cryptos, PEPE’s bull rally continued in the last 24 hours too.
However, this just might be the tip of the iceberg, as the memecoin has other plans. Let’s check what’s happening.
PEPE’s latest bullish pattern
CoinMarketCap’s data revealed that the memecoin’s price increased by nearly 25% in the last seven days. PEPE also witnessed a pump in the last day as its value increased by more than 3%.
At the time of writing, PEPE was trading at $0.000009315 with a market capitalization of over $3.9 billion, making it the 25th largest crypto.
As per IntoTheBlock’s data, despite the recent price increase, only 69% of PEPE investors were in profit. However, the memecoin had a trick up its sleeves, which suggested that more investors might earn profit in the coming weeks.
Captain Faibik, a popular crypto analyst, recently posted a tweet highlighting a bullish triangle pattern on PEPE’s chart. The pattern emerged in March, and since then the memecoin’s price has been consolidating inside it.
At the time of writing, the memecoin was moving upward and was suggesting that it would test the resistance on the bullish triangle pattern. In case of a bullish breakout, PEPE might register massive gains in September.
Source: X
Short-term target of PEPE
While the chances of PEPE showcasing promising performance in September, AMBCrypto checked the memecoin’s metrics to find out what to expect in the short-term.
As per our analysis, the memecoin’s trading volume increased along with its price. Its MVRV ratio also improved, which can be inferred as a bullish signal.
Moreover, whales were actively buying PEPE, which was evident from the rise in the supply held by top addresses. However, investors at large were more making major moves as PEPE’s supply on exchanges and supply outside of exchanges charts were closely knit.
Source: Santiment
We then assessed PEPE’s daily chart to see what technical indicators suggested. The technical indicator MACD displayed a bullish crossover.
PEPE’s Chaikin Money Flow (CMF) registered an uptick and was resting at the neutral mark. Both of these indicators hinted at a continued price increase.
Source: TradingView
Read PEPE’s Price Prediction 2024-2025
In the event of a continued bull rally, investors might soon witness the memecoin touching $0.00001 in the short-term.
However, if the bears take over, then the memecoin might plummet to $0.000007.
Source: Hyblock Capital