Could PEPE Resume The Bull Rally Or Deliver A Correction Soon?

• 1 The PEPE price has retested the 50-day EMA mark and glimpsed a rebound.
• 2 Buyers are trying to resume the bull rally and persist in accumulation.

From the memecoin theme, PEPE outperformed the most in the past few weeks and witnessed severe demand. This memecoin has reflected a slight profit booking and retested the breakout region recently this week.

Amidst the higher high swings, the memecoin has taken support on the 50-day EMA mark, signaling the continuation of the bull rally ahead. Nonetheless, the trend is bullish, and the price stays in the bullish region.

A break and close above the $0.00001300 would resume the upward movement, and the memecoin will try to retest its ATH mark of $0.00001718. Conversely, the correction might extend further if the memecoin price slips below its prompt support mark of $0.00001000.

At press time, the PEPE price traded at $0.00001234 with an intraday surge of 3.35%, reflecting neutrality on the charts. It has a monthly return ratio of 14.30% and 1257.30% yearly, reflecting a short-term uptrend.

The pair of PEPE/BTC is at 0.000000000182 BTC, and the market cap is $5.08 Billion. Analysts are bullish and suggest that the PEPE price may resume to deliver the bull rally and will make a new ATH soon.

Could the PEPE Price Rebound Toward Its ATH Trajectory?

The daily charts of PEPE signify that it has decisively held the trendline support mark of $0.00001200 and signals bullishness.

The price action shows that the PEPE has delivered a sharp vertical rally and is displaying retracement in the last sessions. However, the memecoin has regressed only 30% from its ATH and still looks bullish on the charts.

Source: TradingView

This week, it has retested the neckline support zone of $0.00001200, and the investors are looking into a dilemma: whether the memecoin will continue to soar or reflect profit booking.

Notably, the trading volume surged over 43% to $1.16 billion, displaying the investors’ willingness to buy. Additionally, this dip is a golden chance to add PEPE to the portfolio for the next leg toward $0.00002000 ahead.

Its Momentum oscillators show a neutral outlook, and the RSI curve stays around the midline region and displays a negative crossover. 

Ranked at 26 per the market cap, it has a total supply value of 420.69 trillion, and the volume-to-market cap ratio is 0.228.

Per the Lookonchain tweet, This PEPE trader capitulated and sold all 114.7B $PEPE for 366.5 $ETH($1.27M) at a breakeven price.

He bought 114.7B PEPE($1.27M) at $0.000011 on May 14 and May 15.

The price of PEPE broke through $0.000017 on May 27, at which time his profit was $670K(+50%), but he did not sell for profit.

Then, the PEPE price began to fall below its breakeven point.

Source: X

Price Volatility and Weighted Sentiment Data Hints Mixed Cues

Despite the significant profit booking that happened last week, the weighted sentiment data remained flat around the midline region, signifying that investors still have a positive outlook on it.

Source: Santiment

Furthermore, the price volatility data displays a surge and bounced over 17% to 0.037, indicating an investor speculative move.

The immediate support levels for the PEPE memecoin are $0.00001160 and $0.00001020, whereas the key upside hurdle is around $0.00001430, followed by $0.00001650

Conclusion

The PEPE price has held the gains at the 50-day EMA mark and is trading at a breakeven point. From there, both sides’ movements can be seen, and investors should be more careful ahead.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.