Bitcoin Boosts Memecoin Market

比特幣提振 Memecoin 市場

The recent surge in the cryptocurrency market, led by Bitcoin, has sparked notable progress in memecoin projects. On May 27, Pepe (PEPE) reached an all-time high in price, largely attributed to the approval of Ethereum exchange-traded fund (ETF) applications in the US. This approval has fostered investor perception of Ethereum-based memecoin projects as high-risk yet potentially high-reward ventures.

最近以比特幣為首的加密貨幣市場激增，引發了迷因幣專案的顯著進展。 5月27日，佩佩（PEPE）價格創下歷史新高，很大程度上歸功於美國以太坊交易所交易基金（ETF）申請的批准。這項批准增強了投資者對基於以太坊的迷因幣專案的認知，認為它們是高風險但潛在高回報的企業。

PEPE's Record-Setting Performance

PEPE 創紀錄的表現

PEPE's price soared by 7.60%, reaching an unprecedented $0.00001725. This follows an 88% increase since the US Securities and Exchange Commission (SEC) approved Ethereum ETF applications on May 20. Similar trends were witnessed in other Ethereum-standard memecoins such as Dogecoin, Shiba Inu, and Mog Coin (MOG), which also experienced significant price gains post-ETF approval.

PEPE的價格飆升7.60%，達到史無前例的0.00001725美元。自美國證券交易委員會(SEC) 於5 月20 日批准以太坊ETF 申請以來，這一數字增長了88%。 Shiba Inu) 和莫格幣(MOG)， ETF 批准後價格大幅上漲。

However, the current upward trajectory of PEPE may face challenges in the near term. The widening gap between rising prices and a declining daily relative strength index (RSI) suggests potential market exhaustion.

然而，PEPE 目前的上升軌跡短期內可能面臨挑戰。物價上漲與每日相對強弱指數（RSI）下降之間的差距不斷擴大，顯示市場可能出現疲憊。

What is Happening on the PEPE Front?

PEPE 戰線正在發生什麼事？

PEPE's waning bullish momentum indicates a potential price reversal, mirroring a similar 40% decline in memecoin projects earlier this year when rising prices diverged from falling RSI trends. The daily RSI for PEPE has already exceeded 70, entering the overbought zone, which often precedes a market correction or consolidation phase. This raises the possibility of a sell-off following its strong performance.

PEPE 的看漲勢頭減弱表明價格可能出現逆轉，這與今年早些時候 Memecoin 項目類似的 40% 下跌相似，當時價格上漲與 RSI 下降趨勢背離。 PEPE 的每日 RSI 已經超過 70，進入超買區域，這通常先於市場調整或盤整階段。這增加了其強勁表現後遭到拋售的可能性。

Should a market correction occur, PEPE's price could potentially drop to around $0.00000965 by June, marking a 40% decrease. Conversely, if the uptrend continues, PEPE could test the 2.618 Fibonacci retracement level near $0.00002203, indicating a potential 32% rise from current levels in the coming weeks.

如果市場出現調整，PEPE 的價格可能會在 6 月跌至 0.00000965 美元左右，跌幅達 40%。相反，如果上升趨勢持續下去，PEPE 可能會測試 0.00002203 美元附近的 2.618 斐波那契回撤位，表明未來幾周可能會較當前水平上漲 32%。

Key Insights for Investors

投資者的重要見解

• Monitor RSI levels closely as they provide crucial overbought or oversold signals.
• Be cognizant of large token holders' actions, as their sell-offs can influence market trends.
• Consider the impact of ETF approvals on Ethereum-based projects.
• Assess the risk of potential price corrections following significant rallies.

PEPE's bearish technical outlook is further supported by profit-taking behaviors among its largest investors. During the market uptrend, entities holding over 1 billion tokens have reduced their PEPE supply, suggesting that whales are selling at local price peaks. Consequently, the supply held by smaller investors is increasing.

密切監控RSI 水平，因為它們提供了關鍵的超買或超賣訊號。評估潛在價格的風險大幅反彈後的修正。在市場上漲趨勢期間，持有超過 10 億枚代幣的實體減少了 PEPE 供應，這表明鯨魚正在當地價格高峰時出售。因此，較小投資者持有的供應量正在增加。

The post first appeared on BH NEWS: Bitcoin Boosts Memecoin Market

該貼文首次出現在 BH NEWS：比特幣提振 Memecoin 市場