Can PEPE sustain its surge to $0.000017? Key metrics suggest…

• The number of PEPE long-term holders has increased. 
• Before PEPE targets $0.000017, it should first go above $0.000014.

PEPE bulls beat bears last week as the memecoin’s price surged. However, things got even better in the past 24 hours as the bullish momentum increased.

Meanwhile, a recent analysis revealed a bullish pattern on the memecoin’s price chart, which could allow PEPE to reach new highs soon.

PEPE bulls are here

According to CoinMarketCap, the memecoin’s value increased by 2% last week, but in the last 24 hours alone, the memecoin witnessed a nearly 5% price rise.

At the time of writing, PEPE was trading at $0.00001229 with a market capitalization of over $5.17 billion, making it the 21st largest crypto.

Thanks to this recent uptick, 77% of PEPE investors were in profit, as per IntoTheBlock’s data. The better news was that the number of longer-term holders (addresses that were holding PEPE for more than 1 year) also increased over the past few months.

This reflected investors’ confidence in the memecoin. 

Source: IntoTheBlock

$SHIB KNIGHT, a popular crypto analyst, posted a tweet that revealed yet another bullish development.

According to the tweet, PEPE’s price was moving inside a parallel channel. In case of a breakout above the pattern, the analyst predicted that PEPE might reach $0.000017. 

PEPE’s next targets

AMBCrypto planned to have a look at PEPE’s on-chain data to find out whether it could sustain the bullish, which might allow it to break out.

Our analysis of Santiment’s data revealed that the memecoin’s 60-day MVRV ratio remained high last week, which was a bullish signal. However, investors were not putting much buying or selling pressure on PEPE. This was evident from its flat supply on exchanges.

The concerning metric was the NVT ratio, which increased. A rise in the metric means that an asset is overvalued, hinting at a price correction in the coming days.

Surprisingly, the memecoin’s weighted sentiment remained in the negative zone despite the price increase. This indicated that bearish sentiment around the coin was rising. 

Source: Santiment

We then checked PEPE’s daily chart. We found that its Relative Strength Index (RSI) registered a slight uptick above the neutral mark, indicating a continued price rise.

But the MACD remained in the sellers’ favor as it displayed the chances of a bearish crossover. 

Source: TradingView

Realistic or not, here’s PEPE’s market cap in BTC’s terms

If the bears takeover, then investors might witness PEPE dropping to $0.00000953.

However, if the bull rally continues, then it would be crucial for the memecoin to surpass $0.000014 before it targets $0.000017 over the coming weeks. 

Source: Hyblock Capital