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Will PEPE Keep Rising, or a Correction May Take Place Soon?

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PEPE has grown by 11.89% in the last 24 hours and 44.93% in the last 7 days. This memecoin has touched another ATH, and there are no resistances now. It appears like its price has been in a discovery stage, where it will find its next station in its course in the coming sessions. Yet, the PEPE coin is not the only meme coin on fire.

The entire meme coin market was bullish, and its Trading volumes have rocketed in the last two days and reached $10.07 billion as crypto fans flock to their preferred joke tokens. One of the biggest gainers was the GameStop meme coin. This coin has rocketed by 57.70% since yesterday and 3290.25% in the last 7 days.

Moreover, the DOC crypto highlights the big play from utility to meme tokens, as he further stated that major events have caused the drop in the utility tokens in the last two sessions. 

The reasons were that liquidity has shifted from utility to meme coins tokens. Hence, meme coins are beginning to lift again, and lastly, the whales are selling a lot of utility tokens, probably for the shifting of booked profits into meme coins.

What Are Analysts Boasting for PEPE? Let’s Find Out

The Plazma tweeted on X that every influencer who faded PEPE during the dark times has turned into the biggest PEPE supporter, and PEPE engagement is through the roof.

Meanwhile, artibian on X tweeted that people are rushing to rotate everything into the meme PEPE, and it looks clear to everyone that this coin might be the absolute leader of this meme cycle. 

He even boasted that the probable meme might see a jump toward the $15 billion market capitalization.

Not Being an Early PEPE Buyer, Smart Money Makes Profit

The prevailing market narrative suggests that smart money reaped significant profits. However, a whale has managed to accumulate an impressive $13.9 Million in just three months despite not being an early buyer. 

According to data from the on-chain analytics platform Spot On Chain, the whale’s address ending with -328c55 is now close to being valued at $14 Million. It is due to the recent sustained pumping of Pepe coins.

Between December 2023 and February 2024, the whale spent $1.56 Million to acquire 1.40 trillion PEPE. Following this, the whale sold 140.4 billion PEPE for 1.75 million DAI. As of now, this address holds 1.26 trillion PEPE, worth $13.9 million, and is considered entirely profitable.

In the meantime, Pepe coin reached a new all-time high of $0.00001130. Despite recording significant selloffs of Pepe coin, the token has endured increased selling pressure and has continued to pump.

The Pepe Coin Price Rallies: What’s Next?

PEPE’s OI (open interest) has increased by 7.14% to reach $135.52 Million, according to Coinglass data. It indicates a rise in market trading activity and a growing investor interest in the asset, potentially driving up Pepe coin’s price. 

PEPE

PEPE Futures OI | By coinglass.com

On the other hand, it’s important to note that the RSI has moved further into the overbought territory, currently at 76.01. That suggests market sentiment regarding a possible correction or price reversal despite the current bullish trends for PEPE and the bullish MACD above the zero line. 

If the market continues to be bullish without encountering any previous resistance, PEPE could reach new heights. However, in the event of a correction, the price may be drawn towards previous support levels, such as $0.00001000 and $0.00000900.

Summary

PEPE has experienced significant growth in the last 24 hours and 7 days, reaching an all-time high with no prior resistance in the way now. The entire meme coin market has been bullish, with increased trading volumes and gains for tokens like GameStop. 

Moreover, there has been a shift from utility tokens to meme coins, and analysts are optimistic about PEPE’s potential market capitalization. 

Additionally, a whale has accumulated a substantial amount of PEPE, and the coin’s open interest has increased. However, there are indications of overbought territory and a possible price correction or reversal.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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