PEPE Technical Analysis 📊📈
The rise that started with Bitcoin in the cryptocurrency market has led to significant developments in memecoin projects. Accordingly, Pepe (PEPE) price reached a record high on May 27. Approval of Ethereum exchange mutual fund applications in the US led investors to Ethereum-based memecoin projects. These projects are considered as high-risk reward opportunities.
The Rise of PEPE
PEPE's price rose 7.60% to an all-time high to $0.0001725. The U.S. Securities and Exchange Commission's approval of Ethereum ETF applications on May 20 played a major role in this increase. Other Ethereum-based memecoin projects such as Dogecoin, Shiba Inu and Mog Coin also saw significant increases after this approval. However, it is stated that the ongoing rise in the PEPE market may run out in the coming weeks due to the difference with the daily relative strength index (RSI).
PEPE's downtrend indicates that bullish momentum is weak, signaling a potential price return. This is considered a scenario similar to the 40% drop of memecoin projects in January. PEPE's daily RSI has risen above 70, reaching the overbought zone, which indicates a period of price correction or consolidation.
In the event of a correction, PEPE's price could fall 40% by June to around $0.0000965. This is similar to the price correction before the bearish signal in January. Conversely, an ongoing uptrend could cause PEPE to rise by 32% from current price levels to around $0.00002203.
PEPE's downward technical outlook is getting stronger with the profit-taking activities of its wealthiest investors. This situation causes the PEPE supply, which is in the hands of small investors in the market, to increase. As a result, volatility and uncertainty may continue in the PEPE market.
