Could PEPE’s 14% price hike be the first step towards a new ATH?
After a week-long price correction, PEPE showed signs of recovery as it followed a historical trend.
- PEPE’s price dropped by more than 21% in the last 7 days
- A bullish falling wedge pattern appeared on the memecoin’s chart
PEPE investors had a tough week as the memecoin’s price dropped sharply. Owing to the same, a major chunk of investors were bound to bear losses. However, this might change soon as a new bull rally might be around the corner. Especially since at press time, PEPE’s price was sitting at a crucial level on the charts.
PEPE’s troublesome week
According to CoinMarketCap, the memecoin’s price dropped by more than 21% in the last 7 days. At one point in time, the memecoin was renowned for its number of investors in profit as the figure exceeded 90%. However, because of this price action, only 67% of the memecoin investors were in profit, as per the latest data from IntoTherBlock.
The declining price action also had a negative impact on the coin’s MVRV ratio, which dropped. However, it was surprising to note that despite the value decline, its weighted sentiment graph went into the positive zone.
This suggested that bullish sentiment around the memecoin was dominant across the market.
Will investors’ confidence pay off?
A possible reason behind this rise in bullish sentiment could be because PEPE seemed to be sitting at a crucial level. In fact, Plazma, a popular crypto-analyst, recently shared a tweet highlighting that there are chances of PEPE initiating a massive rally soon as its price was close its 200-day simple moving average (SMA).
Previously, when a similar incident happened back in April, the memecoin’s price gained bullish momentum, allowing it to hit an all-time high.
If history repeats itself, then investors might see PEPE retesting its ATH in the coming weeks.
Here, it must be noted that at press time, things had already started to turn bullish. In the last 24 hours alone, the memecoin’s price surged by 14%. At the time of writing, the memecoin was trading at $0.00000915, with a market capitalization of over $3.85 bullion.
To find out the odds of PEPE repeating history once again, AMBCrypto planned to have a closer look at the memecoin’s daily chart.
Our analysis revealed a bullish falling wedge pattern on PEPE’s chart. It seemed to be testing the lower limit of the pattern. A successful test might begin the rally, which could result in a retest of its ATH.
Since PEPE retouching its ATH seemed more likely to happen over the coming weeks, AMBCrypto then checked Hyblock Capital’s data to see what to expect in the short term.
Read Pepe’s [PEPE] Price Prediction 2024-25
As per our analysis, if PEPE manages to remain bullish, then it might fully recover from its last week’s losses and hit $0.000012.
However, if the bears step up again, then the memecoin might fall to $0.00000727 instead.
