Will PEPE Continue to Rally in June?

The frog-themed coin has been good to its holders in the past month. Currently, 91.59% of PEPE addresses, representing 227,990 holders, are in profit. Additionally, 5.32% of addresses, or 13,250 holders, are at breakeven with the current price around $0.0000144 per token.

As of late May 2024, the chart shows what seems to be a correction on a monthly scale. Whether the rally continues in June remains the biggest question.

PEPE price prediction.

Pepe is now ranked as the 28th cryptocurrency by market cap on CoinGecko and has secured the 20th spot on CoinMarketCap with a current market cap of $6.16 billion as of June 1.

Over the past month, PEPE has surged by 107%, outperforming the overall market and the average meme coin. This performance has pushed PEPE above its 50, 100 and 200-day EMAs, highlighting its strong bullish trend.

If we look at PEPE market value to realized price ratio, we can guess the potential "true" value of PEPE.

Despite its impressive gains, meme coins, including PEPE, are notoriously volatile. Many analysts predict a likely further price correction. For instance, Ali Martinez has noted bearish signals, pointing out that PEPE's daily RSI has surpassed 70, an overbought level that often precedes price corrections or consolidations.

When the average RSI value surpasses 70,

this increases the risk of a sell-off.

However, it is important to note that the market can remain overbought for

extended periods, with prices continuing to

rise.

According to the RSI heat map, PEPE currently sits at the "strong" level, with a potential "sell" signal. Into TheBlock data also indicates a bearish sentiment as June approaches.

Another important indicator is the historic

correlation with the BTC price. As shown in the chart below, PEPE has seen mostly

negative correlation with both Bitcoin and

Ethereum within a year since its launch.

The likelihood of both Ethereum and Bitcoin rallies remain high in June, which poses the question of whether PEPE trajectory will change its course in the next few weeks.