PEPE Faces Make-or-Break Moment As Analysts Warn Of Volatile Ride

Popular meme coin Pepe (PEPE) is at a critical juncture in the volatile cryptocurrency market. Known for its wild price fluctuations, Pepe’s recent performance has caught the attention of analysts and investors. With mixed signals from across the market, everyone is keeping an eye on Pepe’s next move.

Yodda, a well-known crypto analyst, recently offered A detailed technical analysis of the PEPE/USDT trading pair on Binance. He described PEPE’s current state as a “bounce or die” situation, emphasizing that support levels need to hold to avoid a significant drop.

Yoddha’s chart shows a clear bull flag pattern, a bullish indicator, which emerged after the price surged from the lows in December 2023 to a peak in early 2024. The price then stabilized in a downward sloping channel, a characteristic of a bull flag, before breaking out in March 2024.

PEPE maintains significant support

Currently, PEPE is trading near the key support level at 0.00001112 USDT. If these levels hold, PEPE could bounce back and reaffirm or even surpass the recent highs. However, if the support levels at 0.00000800 and 0.00000550 USDT fail to hold, a drop is likely.

Over the past month, PEPE has struggled to establish a clear trend and experienced several short-term fluctuations. According to data from IntoTheBlock, PEPE’s network value-to-transaction (NVT) ratio is 56.25, reflecting mixed sentiment among investors.

Trading volume has declined, hitting $56.23 million on June 29, but has recently recovered slightly to $81.29 million. This low volume indicates exhaustion on the part of bulls and bears. Over the past 30 days, the number of large trades (over 10,000) has fallen by about 38%.

Despite the quiet period, PEPE adoption has skyrocketed, hitting a one-year high of 58.49% on Monday, and daily active addresses have increased by over 105% over the past week, signaling growing interest and a possible upswing.

The company’s market capitalization to realized value ratio (MVRV) is -9%, suggesting that recent buyers have incurred losses on average. Investors often view an MVRV ratio below 1 as a potential buy signal indicating undervaluation.

Additionally, a whale recently moved 1.1 trillion PEPE (worth approximately $14.7 million) from Binance to an unknown wallet, signaling potential bullish expectations. Renowned crypto analyst Changelly predicts that PEPE could reach $0.00001582 by July 10, 2024, which would represent a 40% increase from current levels.

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