PEPE has continued to show its excellent performance marking a notable rise in its market value. In the last 24 hours PEPE has recorded a 4.40% increase bringing its current market price to $0.0000153. This gain has contributed to an over 101% increase in the last 30 days outpacing both the general market and other meme coins. Such bullish behavior has elevated PEPE market cap to $6.4 billion and its trading volume has increased in the last 24 hours by 27% to read $1.57 billion as of writing.
PEPE Price Chart: Coinmarketcap
The bullish trend for PEPE is supported by several key on-chain metrics. According to data from Santiment there has been a noticeable decrease in PEPE’s supply on exchanges suggesting a potential long-term upward movement as availability diminishes. The total number of PEPE holders also has consistently increased indicating growing confidence among investors.
Also, spikes in whale transaction counts suggest influential activity from large-scale investors which could be contributing to PEPE volatility and bullish momentum in the near term.
Source: Santiment
PEPE Technical Analysis
PEPE technical indicators also show a strong bullish trend with the coin currently trading above its 100 and 200-day Exponential Moving Averages. Despite achieving an all time high of $0.00001725 on May 27th, PEPE experienced a pullback finding support along an ascending trendline that has been in effect since April 11th. This setup suggests that PEPE could either retest its recent all-time high, or if it breaks below the current trendline move down to a lower ascending trendline.
PEPEUSD 4-Hour Chart: TradingView
The Relative Strength Index indicator also backs up our understanding. The weekly RSI shows overbought conditions with a reading of 77 indicating a potential for price corrections in the near term while the 4-hour RSI is at 55. This lower figure indicates there is room for further bullish activity before the market becomes overbought although it also leaves same room for continued bearish pressure to ease the weekly overbought reading to a more neutral reading.
What’s in Store For PEPE in June?
The broader market context could play a significant role in PEPE’s trajectory also in June just like it did in May and other several months. With bullish momentum and rallies expected in both ETH and BTC, PEPE may also follow the lead if the general market direction remains positive. PEPE price predictions from Binance Square and CoinCodex suggest a very bullish outlook for PEPE with potential increases up to 230% potentially pushing its price to $0.00005341 and shifting its market decimal point.
Yet again, while PEPE recent performance has been impressive its high volatility and speculative nature typical of meme coins remain. The coming weeks will be crucial in determining whether PEPE can maintain its bullish momentum or if more correction is on the horizon.
