Why is Pepe meme coin rising? What's next after PEPE's ATH?
Pepe reached $0.0000147 on May 23 following a 65% rise in three days.
Investors may accumulate at $0.0000118 and $0.0000102 before the following leg.
On-chain analytics indicate investor interest rising without selling pressure.
Pepe (PEPE) price may continue rising after a pullback. Sidelined buyers may purchase PEPE during this short-term downturn.
The bullishness around Ethereum spot ETF acceptance triggered this abrupt surge in Pepe price. Since PEPE is an ERC-20 meme currency, ETH-based news boosted it.
Potential PEPE purchase
Pepe price rose 65% after breaching $0.0000108, however this impulse is likely over. In the future, investors might anticipate two situations.
Extended profit-taking: If selling pressure is too high, PEPE might break $0.0000108, the range's upper boundary, and revisit the imbalance from $0.0000108 to $0.00000959. This would decrease approximately 25% from the present level and be another accumulation level.
Investors may leave bids at both levels to profit from the following upward leg.
Why will this ETH meme rally?
Between May 21 and 22, Santiment reported a rise in 24-hour Active Addresses, wallets interacting with the Pepe blockchain, from 3,600 to 12,000. PEPE rose 36% in mid-May, comparable to this abrupt increase.
This measure illustrates investors' interest in Pepe at current prices
In the previous year, Pepe price has reversed roughly 39%, but the February surge increased the local peak from over 40% to 119%. Investors are more confident and less willing to sell during bull runs, thus the MVRV rises before the market turns
After its 65% explosive increase, Pepe price appears comfortable, but the Ethereum spot ETF's delay or rejection might terminate the rally. A break of $0.0000108 would signal a negative outlook.
A daily candlestick closure below $0.00000887 would undermine the bullish premise and generate a lower bottom for Pepe price. This might drop PEPE to $0.00000835, a critical support level.
