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.
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.
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