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Active Currencies 17780
Market Cap $3,934,274,690,683.00
Bitcoin Share 59.92%
24h Market Cap Change $-5.40

PEPE surges by 11%, but there’s more work to be done

2min Read

As PEPE surges 11.60% in 72 hours, what’s driving this bullish momentum?

PEPE surges by 11%, but there's more work to be done
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  • PEPE surged by 11.60% in 72 hours.
  • Bullish momentum accumulated despite short-term bearish bias.

Pepe [PEPE] has caught the crypto market by storm after an impressive surge of 11.60% in less than 72 hours. This rapid increase indicated strong bullish momentum, despite some short-term bearish indicators.

Let’s dig deep into the key market trends and on-chain data driving this performance.

According to CoinMarketCap’s data, PEPE’s price stood at $0.0000116, a 2.56% increase in the last 24 hours. PEPE’s price has climbed steadily, breaking past resistance levels and forming a bullish trend line.

Source: TradingView

However, the market has a short-term bearish bias, indicated by the RSI and MACD, which suggested a potential pullback before a continuation of the upward trend.

What the liquidity has in store

The price action correlated with liquidation levels on Bitmex, as indicated by the Coinglass liquidation heatmap.

High liquidation levels often lead to increased volatility, hence creating opportunities for sharp price movements. The heatmap indicated substantial liquidation activity around the $0.000012 level.

This suggested that traders should keep an eye on these levels for potential support or resistance.

Source: Coinglass

AMBCrypto further analyzed Santiment’s whale activity and social volume data for more insights.

From historical data, when the percentage of stablecoin total supply held by whales (more than $5 million USD) approaches 50% along with social volume exceeding 49.25, PEPE’s prices surge.

As from the Santiment’s data, PEPE met these conditions, showing a potential strong bullish signal.

Source: Santiment

What is on the horizon for PEPE?

The increase in social volume, coupled with the accumulation of stablecoins by whales, pointed to spiked market interest and potential upward price pressure.


Read Pepe’s [PEPE] Price Prediction 2024-25


This trend suggested that PEPE could continue its bullish rally in the long term, provided these on-chain conditions persist.

However, since the Stochastic RSI and MACD indicators suggested short-term bearish pressure, price pullbacks cannot be written off.

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Kelvin Murithi is an Economic and Crypto-Asset Analyst at AMBCrypto who provides a sophisticated, data-driven perspective on the financial markets. His analysis is deeply rooted in his academic and professional background, combining macroeconomic principles with technical asset analysis. He holds a Bachelor's degree in Economics and Statistics, which provides the rigorous quantitative foundation for his work in economic forecasting and investment strategy. Prior to specializing in the digital asset space, Kelvin honed his skills as a Financial and Data Analyst, where he was responsible for analyzing complex datasets and financial models. At AMBCrypto, Kelvin leverages this powerful blend of experience to deliver insightful price analysis. He specializes in interpreting how broader economic trends impact the cryptocurrency market, while also applying technical analysis to identify key price levels and potential trading opportunities. His mission is to equip readers with a multi-layered understanding of the market, enabling them to make strategic and well-informed investment decisions.
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