Pepe Coin Price Forecast: After A 76% Surge, Is $0.0001 The Next Target?
Pepe Coin price forecast: The frog-themed meme coin increased by 76% in the past four days and hit an all-time high price of $0.00001577. Consequently, its market cap also surged to $6 billion for the first time.
PEPE’s price later cooled off and is currently sitting at $0.00001379 as per CoinMarketCap. This represents a 4.3% decrease in the past 24 hours and a 38.9% increase in the past 7 days.
PEPE Coin Price Forecast: Bullish Momentum is High as PEPE Eyes Another All-Time High
Pepe’s price consolidated from May 13th to May 21st before eventually breaking out of the range in an explosive move. The main catalyst for this move was attributed to the spot Ethereum ETF approval. Being an ERC20 token, this news was key in pushing the frog-themed coin’s price higher.
Pepe’s price action is still bullish as the bulls move to take a stand against the bears’ attempt to push the price lower. Relatively strong support has formed around the $0.00001380 level, already tested twice.
On the other hand, PEPE price action is forming higher lows and higher highs, indicative of a rising uptrend.PEPE’s price is also above the 50-day and 200-day simple moving averages (SMA), which in itself, is a bulling signal.
Key resistance levels to look out for as PEPE moves higher include $0.00001439 and $0.00001576. Above this price, PEPE will have gone into the price discovery zone.
On the flip side, in the event bears take charge, key support areas would be at $0.00001108, and $0.00000777.
PEPE Price Prediction: A Buying Opportunity
After an impulsive surge, PEPE’s price retraced by 12.55% to its current level of $0.0000137. This correction may push the price into the accumulation zone between $0.00001108 and $0.00001300.
PEPE is likely to rally further, as on-chain analysis firm Santiment reports that active addresses holding PEPE surged from 3,600 to 12,000 between May 21 and May 22. A similar spike in PEPE-holding wallets was observed around mid-May.
Additionally, according to PEPE’s Market Value to Realized Value (MVRV) of 39%, all investors who bought Pepe last month are up 39% in profit.
When the MVRV is high, it usually indicates that a large number of investors are still holding the bag. This in itself is a sell signal, as investors could dump at any moment. This is unlikely to be the case for the meme coins during a bull run, investors have more confidence and are less likely to sell.
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