- The number of PEPE long-term holders has increased.
- For PEPE to target $0.000017, it must first break above $0.000014.
Pepe Bulls beat bears last week as memecoin prices surged. But things have gotten even better over the past 24 hours as bullish momentum has grown.
Meanwhile, recent analysis has revealed a bullish pattern on the Mimecoin price chart, which could see PEPE reach new all-time highs soon.
PEPE bull is here
According to CoinMarketCapLast week, Mimecoin’s value rose by 2%, but in the last 24 hours alone, the price of Mimecoin has risen by around 5%.
At the time of writing, PEPE was trading at $0.00001229 with a market cap of over $5.17 billion, making it the 21st largest cryptocurrency.
According to IntoTheBlock, 77% of PEPE investors have made a profit thanks to the recent rally. dataThe better news is that the number of long-term holders (addresses that have held PEPE for more than a year) has also increased over the past few months.
This reflects investors’ confidence in Mimecoin.
Source: IntoTheBlock
Popular cryptocurrency analyst $SHIB KNIGHT posted: Twitter This shows another bullish situation.
According to the tweet, the price of PEPE was moving within a parallel channel. In case of a break above the pattern, the analyst predicted that PEPE could reach $0.000017.
PEPE’s next target
AMBCrypto plans to look at the on-chain data for PEPE to see if it can sustain its strength and if this could be a breakthrough for the bulls.
According to our analysis of Santiment data, memecoin’s 60-day MVRV ratio remained high last week, which was a bullish signal. However, investors did not exert much buying or selling pressure on PEPE, which was evident in the flat supply on exchanges.
The indicator of concern is the NVT ratio, which has increased. A rising indicator means that the asset is overvalued, which suggests that prices will correct in the coming days.
Surprisingly, despite the price increase, the weighted sentiment for Mimecoin remained in the negative territory, indicating that bearish sentiment around the coin is on the rise.
Source: Santiment
Then I checked the daily chart of PEPE. The Relative Strength Index (RSI) rose slightly above the neutral mark, indicating continued price gains.
However, the MACD still favored sellers, showing the possibility of a bearish crossover.
Source: TradingView
Realistic or not, here it is. PEPE’s market cap is expressed in BTC hatchet
If the bears take over, investors could see PEPE fall to $0.00000953.
However, if the uptrend continues, it will be important for Mimecoin to break $0.000014 before targeting $0.000017 in the coming weeks.
Source: Hyblock Capital