- PEPE appreciated by nearly 10% over a 24-hour period
- Contrary to the price hike, bearish sentiment around the crypto rose
The recent change in market trend allowed several cryptos to turn their charts green. PEPE was one of them, with the memecoin climbing to be among the market’s highest gainers with double-digit gains. The price hike resulted in the memecoin hitting a critical level, with the same likely to result in more price appreciation.
PEPE bulls are here
CoinMarketCap’s data revealed that as the market turned bullish, PEPE managed to push its price up by nearly 10%. At the time of writing, the memecoin was trading at $0.000007627 with a market capitalization of over $3.2 billion, making it the 30th largest crypto on the charts.
Thanks to the latest price uptick, over 75% of PEPE investors are now in profit too, as per IntoTheBlock’s data.
When the bull rally began, the memecoin’s price hit a critical level. World of Charts, a popular crypt- analyst, recently shared a tweet highlighting a bullish flag pattern that formed on the mem coin’s chart. According to him, a successful breakout of that pattern would allow the memecoin to increase its price by 80% over the coming weeks.
Since PEPE had already begun to rally, AMBCrypto checked its metrics to see whether this uptrend would allow the memecoin to break above the bull pattern. AMBCrypto’s analysis of Santiment’s data revealed that buying pressure on the memecoin was high as its exchange outflow spiked on 3 May.
Additionally, PEPE’s supply on exchanges dropped sharply while its supply outside of exchanges rose, further proving that investors have been buying the memecoin. On the contrary, whales sold their holdings as the memecoin’s supply held by top addresses fell.
Source: Santiment
Which way is PEPE moving?
When the memecoin’s price moved up, people started to talk about this as PEPE’s social volume climbed. However, it is surprising to see that despite the price hike, the meme coin’s weighted sentiment dropped.
This clearly meant that bearish sentiment still retained a degree of dominance across the market.
Source: Santiment
Read Pepe’s [PEPE] Price Prediction 2024-25
Hence, AMBCrypto checked PEPE’s daily chart to see what market indicators suggested regarding the memecoin’s latest uptick.
We found that after a sharp hike, the altcoin’s Money Flow Index (MFI) went sideways. A similar trend was also noted on the Chaikin Money Flow’s (CMF) graph. This indicated that PEPE’s rally might not last long.
Nonetheless, the MACD remained in buyers’ favor as it projected a bullish advantage across the market.
Source: TradingView