PEPE price prediction: Why a 30% upswing could be on its way

PEPE's Price Surge and Bullish Momentum

In the past 24 hours, PEPE has witnessed a significant price increase of over 3%. Despite a recent decline, the memecoin has regained bullish momentum.

Bullish Breakout

According to CoinMarketCap, PEPE experienced a price correction last week but has since recovered. The memecoin's price has surged by over 3% to $0.00001216. Its market capitalization has climbed to over $5.8 billion, making it the 22nd largest cryptocurrency.

PEPE has broken above a bullish pattern, indicating a potential continuation of its price rise. Crypto analyst World of Charts suggests that this break could lead to a 30% bull rally, potentially pushing PEPE towards $0.000017 in the coming weeks.

Positive Indicators

Santiment data shows a decrease in the memecoin's supply on exchanges and an increase outside exchanges, suggesting increased buying pressure. The memecoin's exchange outflow has also increased, further supporting the rise in buying pressure.

Bullish Metrics

Other bullish indicators include a high MVRV ratio and a relatively stable number of daily active addresses. However, the network growth rate has declined, indicating fewer addresses being created to transfer PEPE.

Technical Analysis

On the daily chart, the MACD shows the possibility of a bearish crossover, while the Relative Strength Index (RSI) suggests a potential price correction. However, the Money Flow Index (MFI) has increased, hinting at a continuation of the bull rally.