PEPE price analysis
(note: the post contains data by CoinGape)
The fourth week of May has been notably bullish for Pepe coin, which saw its price surge from $0.00009 to $0.000016, marking a 79% increase. This rally was primarily driven by the recent approval of spot Ethereum and Bitcoin nearing the $70,000 mark. However, this week, PEPE’s recovery momentum has slowed, accompanied by decreasing trading volumes, indicating the potential onset of a new correction trend.
An analysis of the daily time frame shows that the PEPE coin price has been riding a steady recovery for the past six weeks under the influence of an ascending trendline. The series of new higher lows indicate an active accumulation trend which uplifted this memecoin from $0.00000393 to $0.000016 recording a 300% jump.
If the overhead supply intensifies, the PEPE price could plunge around 20% to revisit the aforementioned trendline. Until this dynamic support is intact, the Frog-themed memecoin could prolong the current uptrend.
