Pepe (PEPE) has experienced a significant surge of 11.60% in less than 72 hours, capturing the attention of the crypto market with its bullish momentum. Despite some short-term bearish indicators, the price of PEPE has steadily increased, breaking resistance levels and forming a bullish trend line. The market currently shows a short-term bearish bias, as indicated by the RSI and MACD, signaling a potential pullback before a continuation of the upward trend.
The correlation between price action and liquidation levels on Bitmex suggests increased volatility and potential sharp price movements. The Coinglass liquidation heatmap shows significant liquidation activity around the $0.000012 level, indicating potential support or resistance levels to watch. Analysis of Santiment’s whale activity and social volume data reveals that when the percentage of stablecoin total supply held by whales approaches 50% and social volume exceeds 49.25, PEPE prices tend to surge.
The increase in social volume and accumulation of stablecoins by whales point towards heightened market interest and potential upward price pressure for PEPE. This trend suggests that PEPE could continue its bullish rally in the long term, as long as these on-chain conditions persist. However, short-term bearish pressure is also evident from the Stochastic RSI and MACD indicators, indicating the possibility of price pullbacks in the near future.
Looking ahead, PEPE’s performance will depend on how these market trends and on-chain data evolve in the coming days. With strong bullish momentum driving price increases, PEPE has the potential to sustain its upward trajectory. Traders are advised to monitor key levels, such as the $0.000012 mark, for potential support or resistance. With the crypto market experiencing heightened volatility, investors should remain vigilant and adapt their strategies accordingly to capitalize on potential opportunities. Overall, the future looks promising for PEPE, as long as market conditions remain favorable for continued growth.
