PEPE has been maintaining strong bullish momentum and recently hit a new all-time high (ATH) of $0.00002754. The altcoin’s price action has been trading close to its all-time high, supported by investor optimism.
The sideways movement over the past few weeks reflects resilience, keeping PEPE in the spotlight of the cryptocurrency market even as opportunities for profit-taking emerged.
PEPE hits new high
Investor sentiment towards PEPE is leaning towards profit taking, with approximately 38% of active addresses currently in profit. This trend typically signals the possibility of selling pressure as investors look to cash in on their gains. With PEPE reaching new ATHs, this sentiment has become more pronounced as holders attempt to lock in profits.
Nevertheless, broader market enthusiasm continues to keep PEPE's momentum alive. However, ongoing profit-taking may weaken its bullish trajectory. Investors should remain vigilant, as an increase in sell-offs could lead to a cooling-off phase, despite the underlying sentiment remaining optimistic.
PEPE Active Addresses (by Profitability)
On a macro level, PEPE's technical indicators highlight strong capital inflow, as evidenced by the spike in Chaikin Money Flow (CMF) over the past week. After a period of low activity in the past three weeks, the CMF is now above the neutral line, indicating increased buying interest. The increase in capital inflow helps PEPE maintain its upward trajectory.
The current state of the CMF indicates that investors are regaining confidence in PEPE. Ongoing capital inflow could provide the necessary impetus for the altcoin to continue its ascent, solidifying its position in the market. The sustained positive trend of the CMF may serve as a catalyst for further price increases.
PEPE CMF.
PEPE Price Prediction: Continuing Upward
PEPE's price recently reached $0.00002754, setting a new high while maintaining bullish momentum. Even with a slight market correction, the altcoin is expected to stay above the key support level of $0.00002334. This support level lays the groundwork for a potential upward trend in the near future.
The signals from the aforementioned factors are mixed, but maintaining the level of $0.00002334 may allow PEPE to break through its historical high and continue its upward trend, attracting more investor interest. A breakthrough of the current high will reaffirm bullish sentiment and pave the way for further increases.
PEPE Price Analysis.
However, if PEPE's price fails to hold the support level of $0.00002334, the altcoin could drop to $0.00001793. Such a decline would undermine its bullish momentum, forcing investors to reassess the likelihood of a further price rebound.
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