PEPE once again gained bullish momentum, and if the trend lasts, it might soon test its all-time high.
- PEPE’s price increased by more than 4% in the last 24 hours. Most metrics and indicators looked bullish on the memecoin.
After a few days of decline from its recently reached all-time high, PEPE is showing signs of recovery. If the trend continues, then PEPE might soon test its ATH.
Let’s have a closer look at the memecoin’s state to better understand what to expect from it in this fresh month.
PEPE resumes its bull rally
The memecoin showcased tremendous performance last month as its value surged by more than 130%. The massive price hike allowed the memecoin to reach an all-time high.
However, soon after that, PEPE witnessed price corrections. But the trend changed in the last 24 hours.
According to CoinMarketCap, the memecoin’s price increased by over 4% during the last day. At the time of writing, it was trading at $0.00001524 with a market capitalization of $6.41 billion, making it the 19th largest crypto.
Despite the recent price rise, it was surprising to note that its weighted sentiment graph remained low, indicating that bullish sentiment around it was weak in the market.
Its social volume also sank last week, reflecting a dip in the memecoin’s popularity.
Source: Santiment
A possible reason behind this recent price rise could be a hike in buying pressure. AMBCrypto’s analysis of Santiment’s data revealed that PEPE’s supply on exchanges dropped on the 31st of May.
In the meantime, its supply outside of exchanges increased, meaning that investors were buying the meme coin. Additionally, the meme coin’s open interest increased sharply.
A rise in the metric usually suggests that the ongoing price trend will continue further.
Source: Santiment
What to expect from PEPE?
AMBCrypto then took a look at the memecoin’s daily chart to find out whether this bull rally would last. As per our analysis, the Chaikin Money Flow (CMF) registered an uptick.
After a dip, its Money Flow Index (MFI) also moved slightly northward. These indicators suggested that the uptrend would continue.
Nonetheless, the MACD displayed the possibility of a bearish crossover, which might put an end to the memecoin’s bull rally.
Source: TradingView
Read Pepe’s [PEPE] Price Prediction 2024-25
AMBCrypto’s analysis of Hyblock Capital’s data revealed that if the bull rally lasts, then it is most likely for PEPE to test its ATH as liquidation would rise at that level.
High liquidation often results in price corrections. A breakout above could allow the memecoin to touch $0.00002 in the coming weeks. However, if bears take control, then investors might witness PEPE drop to $0.000012.
Source: Hyblock Capital
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