PEPE Price Analysis: Whales Propel PEPE to New All-Time High. Can Pepe Sustain Momentum?

In a remarkable display of bullish sentiment, the meme cryptocurrency Pepe Coin (PEPE) has captured the attention of investors worldwide, surging to unprecedented levels and etching its name in the annals of cryptocurrency history. This impressive rally saw PEPE nail a new all-time high for the last 3 consecutive days, with its price soaring to a staggering $0.00001161, representing a very remarkable rise of 196% in just a single month, according to tradingView.

As of press. PEPE has surged 6.12% in the last 24 hours to record $0.0000111, a 42% gain over the last 7 days and an impressive 100% gain in the last 30 days. With a market cap of $4.6 billion, ranking 23rd, and a 24-hour trading volume of $3.4 billion, PEPE's popularity continues to soar.

The driving force behind this remarkable ascent can be attributed to the relentless accumulation of PEPE by whales, large investors with substantial holdings. These deep-pocketed market participants have been aggressively acquiring significant amounts of the meme coin, further fueling the already bullish sentiment that has gripped the crypto community.

Underscoring the prevailing market greed, the Fear & Greed Index, a widely recognized sentiment indicator, currently stands at a lofty 64 points, signaling an overwhelming sense of optimism among traders and investors alike.

The surge in PEPE's trading volume has been nothing short of astonishing. On May 14th, the total volume skyrocketed to a record-breaking $3.76 billion, an unprecedented figure that showcases the increasing speculation and investor interest in this meme coin phenomenon.

Futures open interest, a crucial metric that reflects the total number of outstanding futures contracts or positions, has also seen a remarkable surge. According to data from Coinglass, PEPE's futures open interest stands at a massive $131.48 million at the time of writing, surging by an impressive 6.23%.

PEPE Technical Analysis

From a technical standpoint, PEPE's performance has been nothing short of extraordinary. On the weekly chart, the price has maintained a bullish trajectory for four consecutive weeks, exhibiting strong upward pressure. Since April 13th, when Pepe marked a low at 0.0000039, the price has been trading in an uptrend, breaking structures to the upside, and it shows no signs of stopping. After a month, on May 14th, yesterday, the price recorded a new all-time high, representing a 192% gain in a month. What a performance.

On the daily chart, the picture is equally compelling. Over the past three consecutive days, PEPE has relentlessly set fresh all-time highs,  hitting all of our previous analysis targets. However, with the Relative Strength Index (RSI) currently reading 75, a level considered overbought, a short-term retracement may be on the horizon to alleviate the overbought conditions.

Looking ahead, market analysts remain bullish on PEPE's prospects. According to price predictions for 2024, PEPE is expected to operate within the range of $0.00002 to $0.00003, conveying a bullish stance despite potential short-term fluctuations. These forecasts serve as a reminder of the good potential for a Pepe surge and a strong market position, even in the face of fluctuating market dynamics.

As the meme coin frenzy continues to captivate the crypto world, PEPE's remarkable journey serves as a testament to the power of community-driven movements and the evolving landscape of digital assets. PEPE has firmly etched its name as a force to be reckoned with in the realm of crypto assets.