Popular meme coin Pepe (PEPE) recently experienced a price surge, sparking excitement within the cryptocurrency community. This rally follows a test at a crucial support level and coincides with a mysterious social media post from investment giant VanEck.
On their social media platform (formerly Twitter), VanEck shared a cryptic meme featuring a frog (clearly Pepe) dominating a board meeting with other animals. The caption, “Important topics were discussed at the board meeting,” sent the crypto community into a frenzy.
While the post initially caused a minor price dip, PEPE quickly rebounded, capitalizing on the social media buzz. This resilience is even more impressive considering the recent bearish market downturn. Notably, PEPE’s price has surged 11% over the past week.
VanEck’s Crypto Ambitions Stoke Optimism
Adding fuel to the fire, VanEck’s recent endeavors in the crypto space have fueled optimism among PEPE enthusiasts. The firm, known for traditional finance products, recently applied for a Solana ETF and became the first U.S. issuer to file for another altcoin ETF after its Ether ETF application. While a Pepe Coin ETF is unlikely, VanEck’s post was enough to stir excitement.
Post-Surge Analysis: Bullish Signs with a Hint of Caution
Following the post, the PEPE price climbed 3% to $0.00001245, pushing the market cap to a staggering $5.25 billion. However, trading volume dipped 11.80% to $500.55 million.
Interestingly, short sellers faced significant liquidations ($1 million) as the price rebounded, potentially leading to further buying pressure as they repurchase positions to minimize losses. However, long liquidations ($715,610) could limit this effect.
Technical Outlook: Mixed Signals with Bullish Potential
PEPE’s price has fluctuated since its peak of $0.00001725 on May 27th. After a 44% decline, it found support at $0.00000968 on June 24th. This level has now turned into short-term resistance.
Technical indicators offer a mixed but generally positive outlook. The RSI sits at 51, indicating a balance with a slight bullish tilt, suggesting room for further price increases. Additionally, a recent bullish MACD crossover hints at growing momentum.
On the 4-hour chart, PEPE recently broke out of a bullish flag pattern but encountered resistance from a larger ascending channel. While a minor pullback is possible, a breakout remains a possibility if bullish momentum continues.
Profit Taking Could Lead to Volatility
According to IntoTheBlock, 84% of PEPE holders are currently in profit. This suggests potential volatility as long-term holders might sell to lock in gains.
Pepe Coin’s future remains uncertain, but the recent rally and VanEck‘s post have undoubtedly sparked optimism. With mixed technical signals and potential profit-taking on the horizon, keeping a close eye on PEPE’s developments is crucial for investors.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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