PEPE investors endured a rough week as the memecoin’s price plummeted over 21%, dragging a significant portion of holders underwater. However, a potential resurgence might be brewing, with key indicators hinting at a bullish reversal.
PEPE Price Plunges, Investor Profits Shrink
CoinMarketCap data reveals a brutal week for PEPE, with its price tumbling more than 21%. Previously boasting over 90% of investors in profit, IntoTheBlock data now shows a stark contrast, with only 67% experiencing gains.
This price decline also impacted the MVRV ratio, a metric reflecting profitability distribution. Despite the drop, a surprising development emerged – PEPE’s weighted sentiment entered positive territory.
Positive Sentiment Meets Crucial Support Level
This positive sentiment could be attributed to PEPE’s current price point, which sits at a critical juncture on the charts. Crypto-analyst Plazma highlighted on Twitter that PEPE’s proximity to its 200-day simple moving average (SMA) presents a potential launchpad for a significant rally.
Historically, similar situations in April fueled a bullish run that propelled PEPE to its all-time high (ATH). If history repeats itself, investors could witness PEPE retesting its ATH in the coming weeks.
Price Surge and Bullish Chart Pattern
Encouragingly, a reversal appears to be underway. In the last 24 hours alone, PEPE’s price surged by a promising 14%. At the time of writing, it trades at $0.00000915, with a market capitalization exceeding $3.85 billion.
A closer look at PEPE’s daily chart reveals a bullish falling wedge pattern, currently testing its lower boundary. A successful breakout from this pattern could ignite the predicted rally and a potential ATH retest.
Also Read: PEPE Price Stalemate: Analyst Bullish Despite 50% Fibonacci Rejection
Short-Term Predictions: Recovery or Pullback?
Hyblock Capital’s data offers insights into the immediate future. If PEPE maintains its bullish momentum, it could fully recover from last week’s losses and reach $0.000012. However, renewed bearish pressure could push the price down to $0.00000727.
While the recent price drop took a toll on PEPE investors, a potential turnaround seems to be unfolding. Buoyed by positive sentiment, a crucial support level, and a bullish chart pattern, PEPE appears poised for a potential surge. However, only time will tell if history repeats and PEPE reaches new heights, or if a short-term pullback materializes.
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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