Future

Pepe

<p><i>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.</i></p>
<ul>
 <li><em>PEPE has a strong bullish bias after flipping the bearish OB to support.</em></li>
 <li><em>The monthly high from July is the next target for buyers.</em></li>
</ul>
<p><a href="https://ambcrypto.com/search/pepe" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Pepe [PEPE]</a> ranks fourth in the meme coin category on <a href="https://coinmarketcap.com/view/memes/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> but has performed commendably in the markets over the past three weeks. Despite a substantial pullback, PEPE had a firm bullish bias on the long-term price charts.</p>
<p>Technical analysis by AMBCrypto laid out strong reasons why PEPE is likely to continue its rally. Yet, some on-chain metrics cast doubts on the strength of the bulls.</p>
<h4><strong>The bullish breaker block should serve as a strong support</strong></h4>
<div id="attachment_358887" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-price.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358887" decoding="async" class="wp-image-358887 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-price.png" alt="PEPE" width="1940" height="1099" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-price.png 1940w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-price-300x170.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-price-1024x580.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-price-768x435.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-price-1536x870.png 1536w" sizes="(max-width: 1940px) 100vw, 1940px"></a>
 <p id="caption-attachment-358887" class="wp-caption-text">Source: PEPE/USDT on TradingView</p>
</div>
<p>On the one-day price chart of PEPE, the $0.00000014 area represented a bearish order block from mid-August. In the chart above, it was highlighted by a cyan box. Moreover, the $0.00000148 level has been significant since July.</p>
<p>In December, the meme coin managed to rush past this resistance zone due to intense buying pressure as seen on the volume bars.</p>
<p>Thereafter, the price retested this region as a support zone and managed to bounce to the $0.00000148 resistance. This meant that the bearish OB had been flipped to a bullish breaker block.</p>
<p>The Fibonacci retracement levels (pale yellow) noted that the 50% and 61.8% levels have been tested and were defended thus far. Combined with the bullish breaker block, it is likely that PEPE can move higher once more.</p>
<h4><strong>The metrics suggested bullish fervor was weakening</strong></h4>
<div id="attachment_358888" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-santiment.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358888" decoding="async" class="wp-image-358888 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-santiment.png" alt="PEPE" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-santiment.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-santiment-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-santiment-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-santiment-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-santiment-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-1-PEPE-santiment-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-358888" class="wp-caption-text">Source: <a href="https://app.santiment.net/s/61-pRj2C" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Santiment</a></p>
</div>
<p>The supply on exchanges as a percentage of total volume has been falling since late October. This was a strong sign that market participants had been hoarding PEPE and hadn’t moved them to CEXes to sell.</p>
<p>However, the mean coin age has also trended downward. This was in contrast to the previous metric and suggested that PEPE movement between addresses was significant and foreshadowed sell pressure.</p>
<p style="text-align: center;">Realistic or not, here’s <a href="https://ambcrypto.com/calculator/marketcap" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">PEPE’s market cap in BTC’s</a> terms</p>
<p>The social volume saw some small spikes in recent weeks but has not trended higher alongside the prices.</p>
<p>Meanwhile, the MVRV ratio was highly positive. This suggested the meme coin may be overvalued and that holders could seek to liquidate some of their holdings to realize profits.</p>

Pepe Coin’s price dips 8% in last 7 days – Future predictions?

AMBCrypto

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