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PEPE Price Corrected by 20%; Is The Pepe Magic Fading Out?

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PEPE has recently become the trendiest meme coin because of its outstanding performance. The frog-themed crypto recently touched its all-time high of $0.00001718 on May 27, 2024, about 10 days ago. However, from its all-time high, the price has been corrected by almost 20%, showcasing profit booking in the memecoin.

PEPE Social Metrics Took A Dip 

PEPE social metrics dropped after a remarkable surge showcasing the discussion in the crypto media, which has declined recently.

The social dominance and social volume have been halted since the beginning of June. This data suggests that the number of discussions and mentions about PEPE on social media platforms like Reddit, X, and Telegram fell in the last few days. If social dominance and volume grow in the upcoming sessions, it will positively impact price.

Is PEPE Price Ready to Skyrocket again?

PEPE is trading in the bullish zone above the key moving averages, showcasing bullishness. According to the Fibonacci retracement tool, the price is taking support at 23.6%. If the price sustains above, it will continue on the uptrend.

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PEPE has shown an outstanding performance throughout the year, generating a 1034.62% return year to date. In the last 6 months, it gave a return of 833.54%; in the last 3 months, it grew by 116.59%. Last month, it grew by 76.86%, showcasing extreme bullishness.

At the time of writing, the PEPE was trading at $0.0000147 with an intraday gain of 1.10%. Its market cap stands at $6.2 Billion, and its 24-hour volume is $1.43 Billion.

Additionally, it has a Volume/market cap ratio of 23.20%, showcasing good liquidity. Its fully diluted market cap stands at the level of $6.16 Billion.

Indicators are Pointing to More Bullishness

When writing, the RSI curve was trading above the median line in the overbought zone. The RSI curve is at 60.50, and the 14-SMA curve is at 66.10, showcasing bullishness.

However, the MACD indicator forms a bearish cross, and red histogram bars demonstrate weakness in the trend. 

PEPE may find support at $0.00001389 and $0.00001084, where it could bounce back or stabilize. The memecoin price may face resistance at $0.00001723 and $0.00002000, where it could reverse.

Summary

Despite a recent 20% correction from its all-time high, PEPE still exhibits signs of bullishness. The price is trading above key moving averages and has maintained support at the 23.6% Fibonacci retracement level. 

Social metrics have declined, which correlates with the recent price drop, suggesting that increased social media activity could positively influence the price.

Disclaimer

The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

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