Pepe coin $PEPE has attracted a lot of attention in the cryptocurrency market recently, with its price rising significantly in a short period of time. The rally was largely driven by the U.S. Securities and Exchange Commission’s (SEC) approval of an Ethereum exchange-traded fund (ETF) application, news that fueled investor enthusiasm for the Ethereum-based meme coin.
As of now, the price of Pepe coin has reached $0.00001725, which is a new all-time high since May 27. This price marks an 88% increase since May 20, showing strong demand for this meme coin.
However, whales have recently purchased large amounts of Pepe coins during price corrections. For example, one whale spent 320 Ethereum (approximately $529,000) to purchase 640 billion Pepe coins when prices were falling, showing their confidence in future price increases (CoinDesk). The activities of these large investors often indicate potential market trends because they usually have higher market insights and financial strength.
Technical analysis shows that Pepe’s relative strength index (RSI) has exceeded 70 and entered the overbought zone. This usually signals a possible price correction in the short term. However, the Bollinger Bands show that the price is still in an upward channel, which means that if there is an effective pullback, the price still has room to rise.
Therefore, based on current market dynamics and technical indicators, Pepe Coin shows strong growth potential.
Due to the large market fluctuations, if you are still very interested and confident in pepe, it is recommended to enter the market in batches. This allows you to cut losses when the market pulls back and gain when prices rise.
Although pepe is currently showing strong upward momentum, market risks still exist. In particular, technical analysis shows that the RSI of Pepe coin has entered the overbought zone, which means that a correction may occur in the short term. In addition, the profit-taking behavior of some large investors may also increase the selling pressure in the market.
For reference:
cointelegraph.com 「Pepe memecoin hits record high but risks a brutal 40% crash by June」
