Bitcoin Boosts Memecoin Market

比特币提振 Memecoin 市场

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.

最近以比特币为首的加密货币市场激增，引发了模因币项目的显着进展。 5月27日，佩佩（PEPE）价格创下历史新高，很大程度上归功于美国以太坊交易所交易基金（ETF）申请的批准。这一批准增强了投资者对基于以太坊的模因币项目的认知，认为它们是高风险但潜在高回报的企业。

PEPE's Record-Setting Performance

PEPE 创纪录的表现

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的价格飙升7.60%，达到史无前例的0.00001725美元。自美国证券交易委员会 (SEC) 于 5 月 20 日批准以太坊 ETF 申请以来，这一数字增长了 88%。其他以太坊标准 memecoin 也出现了类似的趋势，例如狗狗币 (Dogecoin)、柴犬 (Shiba Inu) 和莫格币 (MOG)， ETF 批准后价格大幅上涨。

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 目前的上升轨迹短期内可能面临挑战。价格上涨与每日相对强弱指数（RSI）下降之间的差距不断扩大，表明市场可能出现疲惫。

What is Happening on the PEPE Front?

PEPE 战线正在发生什么？

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 的看涨势头减弱表明价格可能出现逆转，这与今年早些时候 Memecoin 项目类似的 40% 下跌相似，当时价格上涨与 RSI 下降趋势背离。 PEPE 的每日 RSI 已经超过 70，进入超买区域，这通常先于市场调整或盘整阶段。这增加了其强劲表现后遭到抛售的可能性。

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.

如果市场出现调整，PEPE 的价格可能会在 6 月份跌至 0.00000965 美元左右，跌幅达 40%。相反，如果上升趋势持续下去，PEPE 可能会测试 0.00002203 美元附近的 2.618 斐波那契回撤位，表明未来几周可能较当前水平上涨 32%。

Key Insights for Investors

投资者的重要见解

• 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.

密切监控 RSI 水平，因为它们提供了关键的超买或超卖信号。了解大型代币持有者的行为，因为他们的抛售可能会影响市场趋势。考虑 ETF 批准对基于以太坊的项目的影响。评估潜在价格的风险大幅反弹后的修正。PEPE 的看跌技术前景进一步受到其最大投资者的获利了结行为的支撑。在市场上涨趋势期间，持有超过 10 亿枚代币的实体减少了 PEPE 供应，这表明鲸鱼正在当地价格高峰时出售。因此，较小投资者持有的供应量正在增加。

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

该帖子首次出现在 BH NEWS：比特币提振 Memecoin 市场