PEPE Price Corrected by 20%; Is The Pepe Magic Fading Out?

Pepe Price Analysis: Bullish Indicators Despite Recent Correction

Pepe's price action displays bullishness, trading above crucial moving averages. This supports the positive momentum witnessed last month when Pepe surged by 76%.

Recent Price Action

After reaching an all-time high of $0.00001718 on May 27th, 2024, Pepe's price has since corrected by approximately 20%, indicating profit-taking.

Social Metrics Decline

Pepe's social metrics have experienced a decline following the initial surge. This decrease in social dominance and volume suggests a reduced number of discussions and mentions on social media platforms.

Bullish Technical Indicators

Despite the recent correction, Pepe remains in a bullish zone, trading above key moving averages. The Fibonacci retracement tool indicates support at 23.6%. Sustained trading above this level will likely continue the uptrend.

Historical Returns and Liquidity

Year-to-date, Pepe has generated an impressive 1034.62% return. In the past six months, returns reached 833.54%, while the last three months saw a 116.59% gain.

At the time of writing, Pepe trades at $0.0000147, with a market capitalization of $6.2 billion and a 24-hour volume of $1.43 billion. The Volume/market cap ratio of 23.20% demonstrates good liquidity.

Additional Indicators

The RSI curve trades above the median line in the overbought zone, indicating bullishness. The MACD indicator, however, shows a bearish cross, suggesting a potential weakening of the trend.

Support and Resistance Levels

Potential support levels include $0.00001389 and $0.00001084, while resistance levels may be encountered at $0.00001723 and $0.00002000.

Summary

Although Pepe has experienced a 20% correction, technical indicators remain bullish, with the price trading above key moving averages and Fibonacci support levels. While a decline in social metrics has occurred recently, increased social media activity could positively influence the price.

Disclaimer

This analysis is solely for informational purposes and should not be construed as financial or investment advice. Investing in crypto assets carries inherent risks. Always conduct thorough research and consult with qualified professionals before making any decisions.