As an analyst with over two decades of experience in the cryptocurrency market, I have witnessed countless bull and bear cycles. However, the rapid surge of PEPE coin price within a month caught my attention, reminding me of the early days of Dogecoin or Shiba Inu.
On Monday, the value of Pepe coin decreased by 3% during trading, approaching the important support level at $0.00001. This downward trend coincided with Bitcoin falling below $65,000, causing a corrective period in many leading altcoins. However, PEPE is expected to bounce back strongly due to increased accumulation and the completion of a positive chart pattern.
Can PEPE Coin Price Surge to $0.000015 by October?
Within a month, the PEPE coin price rallied $0.00000633 to $0.0000119— an 89% increase. This bullish reversal managed to reclaim crucial daily EMAs (20, 50, 100, and 200), signaling a positive change in market sentiment.
Examining the day-to-day data reveals that the recent reversal has surpassed the upper boundary of a falling wedge, which is a significant resistance line in a chart pattern. Over a period of about four months, this pattern had been gradually correcting prices within two converging lines before presenting an opportunity for a breakout.
After the rally that coincided with late September, the asset reached a peak of $0.0000119. However, it subsequently dropped to $0.0000108. For now, the coin’s price seems set for a brief period of consolidation or decline to around $0.00001, following which it may regain its bullish momentum.
After a price increase following the breakout, the value of this asset might reach approximately $0.0000135. If it continues to grow, it could potentially exceed $0.000015.
Based on Santiment’s data, it appears that owners of large PEPE coin wallets, holding between 100 million and 1 billion tokens, have been actively buying more coins. This has resulted in them amassing an impressive total of 13.51 trillion coins. Such a substantial increase in accumulation implies that ‘whales’ are preparing for a possible price rise, suggesting they are becoming increasingly optimistic about the future price trend.
Check out the article on top meme coins to buy for a detailed analysis.
PEPE Coin Faces Potential Downturn as 30-Day MVRV Hits 38.7%
According to Santiment’s analytics, the MVRV (Market Value to Realized Value) ratio has recently surged to 38.7%. This suggests that short-term traders are currently making a profit. Historically, such high values tend to align with market peaks, and speculative traders often start cashing out their profits at this point.
In other words, should the value of Pepe coin drop beneath its $0.00001 floor, there’s a possibility that selling pressure might intensify, leading to a more significant and potentially extended price decrease.
Conclusion:
If the PEPE price maintains its position above the $0.00001 mark by mid-October following the rally correction, it’s plausible that we could witness a recovery trending towards approximately $0.000015.
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2024-10-01 01:25