The price of $PEPE has surged by 15%, and it seems like the momentum is fierce. Let's discuss whether it can soar to 1 dollar.
PEPE is currently on a strong upward trend, and various indicators suggest that its upward momentum is strengthening. For instance, the ADX has risen from below 20 a few days ago to 32, indicating robust upward momentum. The ADX is used to measure the strength of a trend; a high value indicates a strong trend, while a low value suggests that the market is either quiet or lacks direction.
Looking at the 7-day MVRV ratio, it has increased from -10% to 4.7%, indicating that recent buyers of PEPE have made profits. However, if this ratio gets too high, such as approaching 9%, some people may start selling PEPE, as everyone wants to pocket their earnings. But the current ratio hasn't reached that level yet, so PEPE still has room to rise further.
Regarding price predictions, although PEPE's short-term EMA is still below the long-term EMA, making it seem like a bear market, the recent surge in PEPE's price has narrowed the gap between the two EMAs, suggesting that conditions might be improving. If this trend continues, PEPE's price could continue to rise, possibly reaching around 0.00001082 dollars. However, if the momentum weakens, the price might drop back down, potentially to 0.0000077 dollars.
That said, for PEPE to reach 1 dollar is truly not an easy feat. After all, its total supply is a staggering 420.69 trillion coins. If it were to rise to 1 dollar, that would imply a market cap of 420.69 trillion dollars, which is an astronomical figure. To put it in perspective, even at its peak, Bitcoin's market cap was only around 1.2 trillion dollars.
Of course, if PEPE could implement a coin-burning mechanism to burn 99% of the coins, there would only be 4.2 trillion left. This would make PEPE much rarer and could potentially lead to a price increase.
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