Pepe, the popular meme coin, has surged by 11% in the last 24 hours, sparking speculation of a potential further rally. This article analyzes the factors contributing to Pepe’s recent price action and what to expect next.
Points
- Pepe’s price increased by 11% in the last 24 hours, with trading volume also rising.
- Analysts suggest a potential rally similar to the one in April, though on-chain indicators hint at possible volatility.
- Whale activity and on-chain data show mixed signals, with some suggesting a potential drop before another rally.
Pepe, the meme coin that has captured the crypto world’s attention, is back in the spotlight after an 11% price surge in the last 24 hours. Trading at $0.00000866, Pepe has seen its daily trading volume rise by 10%, with $1.14 billion in trades, signaling strong market interest. However, the question remains: Is another rally on the horizon, or could a correction be imminent?
Current Market Dynamics
Pepe’s recent price action is reminiscent of its performance in April when the coin experienced a significant rally after establishing a solid support level. Crypto analyst Sjuul observed that Pepe touched the $0.0000060 support level multiple times between March and May before embarking on a bull run to its all-time high. According to Sjuul, bottoms take time to form, and Pepe may need to consolidate further before a sustained upward movement can occur.
Despite the bullish momentum, on-chain indicators suggest potential volatility. Data
shows that Pepe whales have been actively redistributing their holdings, with some large holders moving assets to exchanges, which could signal a potential sell-off. Additionally, the 30-day change in the balance of holdings among various Pepe wallets indicates that only holders with up to 10 million Pepe have increased their portfolios recently.
On-Chain Analysis and Potential Risks
Pepe’s three-month liquidation heatmap, as analyzed by Hyblock Capital, reveals a liquidity pool between $0.000009 and $0.00000945, which has yet to reverse the recent downward pressure. The next significant area of interest is between $0.00000677 and $0.0000074, aligning with the Fibonacci level at $0.00000678. This suggests that while a further rally is possible, there is also a risk of a sharp drop if selling pressure increases.
Moreover, the accumulation of non-exchange addresses has declined, indicating that large investors are not currently buying into Pepe. The Open Interest （OI） in the market has also slipped into the negative zone, with short positions outnumbering long ones, according to Coinalyze data, which has shown a 7.3% decline in OI over the past 24 hours.
Conclusion
While Pepe’s recent price surge is encouraging, the mixed signals from on-chain data and whale activity suggest that caution is warranted. A potential rally could still materialize, but investors should be prepared for possible volatility and a retracement before the next upward move.
解説
- The recent price action of Pepe highlights the importance of on-chain analysis in understanding market dynamics. Whale movements and liquidation levels can provide crucial insights into potential future price trends.
- While Pepe has demonstrated strong growth, the risks associated with meme coins should not be underestimated. The market is highly speculative, and prices can swing dramatically in short periods.
- Investors interested in Pepe should closely monitor on-chain data and be prepared for potential volatility, especially as the coin approaches key resistance and support levels.