PEPE has been enduring a period of bearish pressure in recent days, as the price of the meme-inspired coin has been sliding. Nonetheless, a shift in this trend could be on the horizon.
Currently, the memecoin is in a phase of consolidation within a specific pattern. A breakout from this pattern could lead to a significant 300% increase in price over the next few months.
Potential Upward Movement for PEPE
The frog-themed memecoin has experienced a decrease of more than 7% in the past week, with a notable 5% decline in value within the last 24 hours.
Analysis of IntoTheBlock’s data by CryptoCrypto revealed that following the recent price correction, only 196.3k PEPE addresses were still in profit, representing 63% of the total number of PEPE addresses.
Despite the recent setbacks, there is reason for optimism. Notably, renowned crypto analyst Captain Faibik recently pointed out in a tweet an intriguing development—an evident bullish pattern forming on PEPE’s chart back in March.
Since then, PEPE’s price has been consolidating within this pattern. Presently, the memecoin is approaching the pattern’s resistance level, potentially signaling a 300% surge in the medium term.
Additionally, a previous report by CryptoCrypto highlighted the announcement of a new listing. BitPoint Japan, a prominent cryptocurrency exchange, disclosed its intention to list PEPE. Such listings often lead to price uptrends, generating bullish sentiment and fostering broader adoption of the asset.
Therefore, CryptoCrypto aims to delve deeper into the current state of PEPE to ascertain whether these two recent developments could trigger a bullish trend reversal in the near future.
Anticipating a Shift in Trends
According to our evaluation of Santiment’s data, PEPE’s supply on exchanges experienced a minor decline last week. This indicates that despite the coin’s price drop, investors have been accumulating, a sign of their confidence in the memecoin.
The memecoin’s MVRV ratio has risen from -11% to -0.7%, signaling a bullish trend. Additionally, there has been a notable increase in PEPE’s network growth, indicating a surge in new addresses for token transfers. Moreover, the social volume around PEPE has started to climb, indicating growing popularity for this memecoin within the crypto community.
In the event of a bullish reversal, surpassing the $0.0000096 mark will be pivotal for PEPE, as liquidations are expected to rise sharply at that point. Increased liquidation levels often lead to short-term price corrections.
Conversely, if the bearish trend persists, the memecoin might find support around $0.0000088.