Pepe Price Analysis: Bulls Gear For 35% Gains As Buy Momentum Picks Up

Pepe Coin price prediction: The frog-themed meme coin extended previous gains by 26%, hitting an all-time high price of $0.00001725. Consequently, its market cap also surged to $6.8 billion for the first time suggesting interest is higher among investors. Moreover, the meme coin frenzy is having a comeback and PEPE appears to be charging towards the top spot in the sector.

PEPE’s price later cooled off and is currently sitting at $0.00001523, as per CoinMarketCap. This represents a 4.8% increase in the past 24 hours and another 8% increase in 7 days.

PEPE Coin Price Prediction: Community Remains Bullish Amid Price Retracement

Pepe’s price consolidated from May 13 to May 21 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 coin extended its gains, rising higher and hitting an all-time high price of $0.00001725 on May 27. 

Pepe coin’s price is now in a consolidation zone and a relatively strong support has formed around the $0.00001260 level, already tested three times. PEPE’s price is also trending above the 50-day and 200-day simple moving averages (SMA), which in itself, is a bullish signal. 

If PEPE breaks out of this range, it may rise 25% and reach $0.00002177.  Key resistance levels to look out for as it moves higher include $0.00001863 and $0.00002123. On the flip side, in the event bears take charge, key support areas would be at $0.00001260, and $0.00001110.

PEPE Price Future Outlook

PEPE is likely to rally further, as on-chain analysis firm Santiment reports that active addresses holding PEPE topped out at 46,631 on May 28. A similar spike in PEPE-holding wallets was observed around early March.

Additionally, according to PEPE’s Market Value to Realized Value (MVRV) of 135%, all investors who bought Pepe in the last two months are up 135% 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.

Bottom Line

As the crypto market matures, meme coins like PEPE will take center stage in shaping the next bull run. Investors are watching the PEPE price to find the best entry opportunities to make the most profit.