Will PEPE Surge Continue From the Current Level After Bullish Pattern Emerge?

Will PEPE Surge Continue From the Current Level After Bullish Pattern Emerge?

Pepe token (PEPE) known for its remarkable growth since its launch continues to promise substantial returns. As of writing, the token has demonstrated a big increase of approximately 25,878% since April 2023 with its valuation poised to potentially erase another zero. The recent surge in the GME coin has had a key impact role in strengthening PEPE market position by pushing it to new heights.

As of writing PEPE price stands at $0.0000147 which is an increase of 1.9% in the last 24 hours. The market cap has reached a strong $6.174 billion ranking it 21st in the market.  Its 24 hour trading volume is down 14.7% to read at  $1.23 billion and as the 10th most traded crypto. The volume to market cap ratio over the last 24 hours also stands at 20.69% which indicates active trading activity.

PEPE Price Chart: Coinmarketcap
PEPE Price Chart: Coinmarketcap

PEPE Technical Analysis

After hitting all-time high of $0.00001725 on May 27 Pepe experienced a retracement. This pullback had evolved to the formation of a bullish flag pattern on the lower timeframes suggesting that a potential breakout towards the recent high is gaining mometum. However if Pepe fails to break and close above the bullish flag, then there could be a risk of further declines and  potentially down to the other ascending trendline below and one that has been supportive since April 11.

PEPEUSD Daily Chart:  Tradingview
PEPEUSD Daily Chart: Tradingview

The Relative Strength Index on the daily chart is currently at 60 having dropped from the overbought conditions at 77 in late May. As the bears have attempted to drive the PEPE lower, this suggests a cooling off period. In support of the short-term bearish momentum, the Moving Average Convergence Divergence also displays a recent bearish crossing in which the MACD line dropped below the signal line.

Santiment is showing that there has been growth in number of PEPE holders over time. This is an indication of confidence from investors growing and interest in the token gaining traction.  Also, this is a potential accumulation period which suggests that more investors are coming in the market possibly in anticipation of future price increases.

Source: Santiment
Source: Santiment

More on chain data from IntoTheBlock provide a deeper understanding of the current sentiment. As per the latest data 88% of PEPE holders are profiting at the current price level, which highlights strong market support and satisfaction among investors. 9% of holders are at the break-even point while only a small fraction of 3% are facing losses. 

Looking at Changelly prediction for PEPE, they suggest that an there will be an increase in PEPE by 12% aiming for a price of $0.00001621 by June 7th 2024 therefore the overall PEPE sentiment remains optimistic. 

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