- The Pepe memecoin price has declined 13.59% during the weekly trading session.
- Moving averages give solid bullish signals, while the oscillators are bearish about the current price.
- The market capitalization of crypto has reached over $6 Billion at press time.
Launched on April 17, 2023, Pepe (PEPE) is a memecoin cryptocurrency on the Ethereum blockchain. Like Shiba Inu (SHIB) and Dogecoin (DOGE), the crypto is trying to capitalize on the popularity of memecoins and establish itself as one of the top meme-based cryptocurrencies. PEPE memecoin has gained a lot of applause from the memecoin community and investors like other popular memecoins in recent sessions.
How Short Will Pepe Crypto Go in the Correction Phase?
Pepe memecoin experienced a massive rise in May 2024 after the end of the correction phase in April 2024. The price recorded an upsurge of 130% during the May trading session. It also created an all-time high price level of $0.00001718 on May 27, 2024. The bulls constantly maintained the price in the blue sky zone.
However, the price started facing some initial selling in the current sessions. A recent post from the @Lookonchain X account has mentioned a Whale activity in recent sessions.
A whale deposited 365.96B $PEPE($5.3M) into #Binance for profit just now!
— Lookonchain (@lookonchain) June 4, 2024
He withdrew 365.96B $PEPE($494K at the time) from #MEXC on Dec 13 and Dec 16, 2023.
He turned $494K into $5.3M in less than 6 months, with a profit of $4.82M and an ROI of 976%!https://t.co/HXCrl0QBxm pic.twitter.com/jeFRd6NyWK
A whale has moved 365.96B $PEPE (worth $5.3M) into Binance today. He withdrew 365.96B $PEPE (worth $494K) from MEXC on Dec 13 and Dec 16, 2023. Afterward, he turned $494K into $5.3M in less than six months and earned $4.82M profit with an ROI of 976%.
Price to Volume and Social Dominance Analysis
The rise in social tweets about the Pepe crypto started after mid-April 2024. The price has been following social dominance closely since then. Conversely, the trading volume took a longer time to rise. On a broader outlook, PEPE’s social dominance strongly influences price, showing investors’ interest and intentions. At present, social sentiments reflect 0.93% dominance in the crypto world.
Technical Analysis of the Pepe (PEPE/USD)
![](https://themarketperiodical.com/wp-content/uploads/2024/06/image-33-1024x447.png)
The price is moving above the key exponential moving average (EMA). It reflects the bullish sentiments in technical terms. Currently, the price is moving towards the 50-day EMA, which can act as a dynamic support for the price.
The PEPE price has given a breakout from a $0.00001156 major resistance level. It surged almost 48% and created a new all-time high mark of $0.00001718. Afterward, the initial selling started in the PEPE, reflecting a 17% decline at the time of writing. Based on Price action analysis, the price may likely make a correction in the current phase.
In the current session, the relative strength index (RSI) is downsloping with an internal bearish divergence, reflecting increasing selling strength. The RSI is at 58.44 below the SMA line.
Summary
Pepe memecoin has shown enormous bullish strength since mid-April 2024. The crypto also created a new all-time high mark in recent sessions. The technical indicators summary suggests a bullish signal in the current phase. The current price of PEPE is looking for a correction according to the price action.
Technical Levels
The immediate resistance for PEPE was $0.00001718 at the time of writing, while the $0.00001103 level was the next support. At press time, the price is looking for a correction and may reflect a bearish move to the mentioned support.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.