PEPE Price Surge: Bulls Set Sights on $0.000017 Amid Growing Long-Term Holders

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PEPE’s long-term holder base has expanded, indicating increasing investor confidence in the memecoin.
Before PEPE can aim for the price target of $0.000017, it must first surpass $0.000014 successfully.
Over the past week, PEPE has shown a notable increase in bullish momentum, significantly impacting its price trajectory.

Discover the recent surge in PEPE’s market activity and its potential future price targets. Learn what key indicators and charts suggest about PEPE’s bullish run.

PEPE’s Impressive Performance Amid Bullish Trends

PEPE, the popular memecoin, has experienced a significant upswing in its market performance. Over the past week, its price surged by 2% and further accelerated by nearly 5% within the last 24 hours. As a result, PEPE’s market capitalization exceeded $5.17 billion, placing it as the 21st largest cryptocurrency. A recent analysis highlighted a bullish pattern on PEPE’s price chart, indicating potential for further gains.

Long-Term Holders and Market Sentiment

The increasing number of long-term PEPE holders reflects a growing confidence among investors. Data from IntoTheBlock shows that 77% of PEPE investors are currently in profit. Additionally, prominent crypto analyst $SHIB KNIGHT’s recent analysis suggests a bullish trend, with PEPE moving within a parallel channel. A breakout from this pattern could propel PEPE’s price to $0.000017. However, it must first breach the $0.000014 mark.

Analyzing On-Chain Data for Sustained Growth

COINOTAG’s examination of Santiment’s on-chain data reveals that PEPE’s 60-day Market Value to Realized Value (MVRV) ratio remained high last week, signaling continued bullishness. Yet, there is limited buying or selling pressure on PEPE, as indicated by its stable supply on exchanges. The increasing Network Value to Transactions (NVT) ratio, however, suggests that PEPE might be overvalued, which could lead to a price correction.

Technical Indicators and Future Predictions

PEPE’s daily chart shows a slight increase in the Relative Strength Index (RSI) above the neutral mark, suggesting a potential price rise. However, the Moving Average Convergence Divergence (MACD) indicator still favors sellers, hinting at a possible bearish crossover. If bearish trends prevail, PEPE’s price might drop to $0.00000953. On the other hand, if the bullish momentum continues, surpassing the $0.000014 level is crucial before targeting $0.000017 in the forthcoming weeks.

Conclusion

In summary, PEPE’s recent price surge and the increase in long-term holders underscore growing investor confidence. Notable bullish patterns and on-chain data suggest potential for further gains. However, key price levels and technical indicators must be monitored closely to gauge upcoming market movements. Investors should remain vigilant as the market dynamics unfold, ensuring informed decision-making based on reliable data and analysis.

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