PEPE's Bullish 100% June Surge: Future Predictions

June 7, 2024 at 09:16 AM GST 2 mins read News

PEPE surged 107% in the past month, outperforming the overall market and meme coin averages.
PEPE’s price surpassed the 50, 100, and 200-day EMAs, highlighting a strong bullish trend.
Despite gains, PEPE shows overbought RSI levels, indicating potential price corrections or consolidations.

Pepe (PEPE) has made significant strides in the cryptocurrency market, ranking as the 28th cryptocurrency by market cap on CoinGecko and securing the top 50 spot on CoinMarketCap. As of June 1, PEPE boasts a market cap of over $6 billion.

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Over the past month, PEPE has surged by an impressive 107%, outperforming the overall market and other meme coins. This remarkable performance has pushed PEPE above its 50, 100, and 200-day exponential moving averages (EMAs), underscoring a strong bullish trend.

Despite its notable gains, PEPE, like other meme coins, is inherently volatile. Many analysts predict a potential price correction in the near future.

Analyst Ali Martinez has highlighted bearish signals, noting that PEPE’s daily Relative Strength Index (RSI) has surpassed 70, an overbought level that often precedes price corrections or consolidations. When the RSI exceeds 70, the risk of a sell-off increases. However, markets can remain overbought for extended periods, allowing prices to continue rising.

IntoTheBlock data also suggests a bearish sentiment as June progresses. The RSI heat map indicates that PEPE is currently at a “strong” level, with a potential “sell” signal. Additionally, PEPE’s historical correlation with Bitcoin (BTC) and Ethereum (ETH) has been mostly negative within the year since its launch.

Looking ahead, the future of PEPE in the crypto industry appears promising. Despite its volatility, the significant gains and strong market position highlight its potential for further growth. Investors should remain cautious and informed, but the current trends suggest that PEPE could continue to be a noteworthy player in the cryptocurrency landscape.