Ethereum-based cryptocurrency, PEPE, has been grabbing considerable attention following its remarkable market activities over the past few days, which saw many investors cash in massive profits from the token’s investment.
The frog-themed digital asset recently attained a new ATH of approximately $0.000001426 when it surged by roughly 24% within 24 hours. It is selling for about $0.00001374, reflecting a 5% upswing in the past 24 hours, as all indices remain bullish despite the slight market retracement that has graced the broader crypto market.
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Investor Cash In on PEPE’s Price Rally By Selling 202B Tokens for Huge Profits#PEPE @pepecoineth #cryptohttps://t.co/sQyUZVTpCb
— Crypto2Community (@Crypto2Comm) May 22, 2024
Notably, top crypto assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and fellow meme coins, particularly Dogecoin (DOGE) and Shiba Inu (SHIB) are all recording market losses, evidenced by the slight pullback that has hit the general crypto market. PEPE remains unperturbed, underscoring its tremendous price expansion potential even in the midst of negative market influences.
Amid PEPE’s impressive price movements, a renowned crypto assets tracking platform, Coinpedia Markets on X, recently took to its verified handle to predict a more bullish outlook for the meme coin that has already appreciated by 51,992% in its one year of existence.
Notedly, the crypto tracking platform backed its latest PEPE assertion with technical analyses and on-chain metrics. The subsequent part of this insight will dwell on Coinpedia Markets’ PEPE analysis.
PEPE To Hit $$0.000051 Once It Forms The Daily Trend
According to the crypto tracker’s post on the microblogging platform, PEPE’s technical indicators are displaying a potent buy signal while the Fear and Greed Index – the variable that tracks investors’ attitude toward an asset is indicating “Extreme Greed” at 76, implying that traders are aggressively accumulating the meme coin amid its price rally.
Source: Markets Coinpedia
Also, the technical indices revealed that the Ethereum-based token is trading above all the Simple Moving Averages (SMAs) and Exponential Moving Averages (EMAs), indicating a sustained rally potential for PEPE.
Additionally, PEPE’s Relative Strength Index (RSI) was pegged at 76.83, implying a massive accumulating condition. The Money Flow Index (MFI) reflected 50.62, suggesting a competitive market involvement for the frog-themed crypto asset.
Finally, the last indices on Coinpedia Markets’ technical analysis noted that PEPE might touch $0.000051 once it completes the daily trend pattern with fresh support at $0.000017, eliciting a breakthrough for the token to exceed resistance levels at $0.000023 and $0.000045.
Notably, PEPE’s potential $0.000051 ascent from its current price status would imply a price appreciation of approximately 271.77%, a realizable price increment range for PEPE, considering its price actions since it graced the crypto market in April 2023.
PEPE Holders Hit 224.91K As Whale Purchases Intensify
PEPE on-chain metrics revealed that the coin had crossed a $6 billion market cap with high liquidity of almost $60 million in WETH based on its market capitalization worth.
In addition, PEPE holders have skyrocketed to 224.91k, facilitating about three million transfers. Whale accumulation actions followed suit, spiking tremendously and fuelling speculations of another market rally in the coming weeks.
$PEPE is gearing up for a bullish move further! 🚀
Already up 51,992% from just a year ago.#PEPE to hit $0.000051 next! 🔥
Technical Analysis📈
➡️ $PEPE technical indicators show a strong buy signal, while the Fear & Greed Index shows 76 (Extreme Greed).
➡️ $PEPE is trading… pic.twitter.com/PmUpkfsxuF
— Coinpedia Markets (@MarketCoinpedia) May 23, 2024
How PEPE’s future market actions unfold remains to be seen. However, the statistics in this insight, as revealed by crypto tracking platform, hint at a potentially more profitable outlook for PEPE’s current and future holders.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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