PEPE surges by 11%, but there’s more work to be done

PEPE Surges with 11.60% Gain, Bullish Momentum Sustained

In a remarkable rally, Pepe (PEPE) has gained 11.60% in just 72 hours, capturing the attention of the crypto market. This surge indicates a strong bullish momentum, despite some temporary bearish indicators.

Market Analysis

PEPE's price has been steadily rising, breaking above resistance levels to form a bullish trend line. As of now, it stands at $0.0000116, a 2.56% increase in the past 24 hours.

However, there is a short-term bearish bias according to RSI and MACD indicators, suggesting a potential pullback before the upward trend continues.

Liquidity and Whale Activity

Coinglass's liquidation heatmap reveals high liquidation levels around $0.000012, indicating increased volatility and potential for sharp price movements. Santiment's data shows that PEPE has met favorable conditions for a strong bullish signal. When whales (holding over $5 million USD) accumulate a significant portion of stablecoins and social volume exceeds 49.25, PEPE's prices tend to spike.

Future Prospects

The rising social volume and whale accumulation of stablecoins suggest heightened market interest and possible upward price pressure. This trend may indicate a continuation of PEPE's bullish rally in the long term, provided the on-chain conditions remain favorable. However, short-term bearish pressure indicated by technical indicators cannot be ruled out.