Yesterday, Pepe memecoin reached a new ATH in price, breaking the previous all-time high of $0.0000259.
For a few minutes it reached a valuation of more than 11 billion dollars, only to suffer a slight downward correction caused by the bearish trend.
With the cryptocurrency market opening the week in the red, traders are wondering if Pepe will attempt a new advance or mark a deeper pullback.
All details below.
Pepe surpasses his previous ATH and reaches a valuation of 11 billion dollars
The year 2024 was a particularly bullish year for the Pepe cryptocurrency, which updated the ATH on several occasions, demonstrating to the public its incredible strength.
Yesterday the memecoin inspired by “Pepe the frog” reached a new all-time high reaching $0.00002836 with a market capitalization of $11.6 billion.
According to data from CoinMarketCap, it has increased by approximately 148% in the last 30 dayswhile in the last week the growth stands at 30.7%.
Pepe’s umpteenth ATH was massively celebrated in X by the project’s supporters and crypto influencers.
It currently appears as the 20th largest cryptocurrency by market capitalization, just above Uniswap and just below Bitcoin Cash.
Coin Sentiment Remains Super Bullishdespite not having advanced much from yesterday’s high, given the unwanted presence of the bears.
Trading volumes have skyrocketed, accompanying the movement of the graph, to the point of exceeding what was recorded by the DOGE meme in 24 hours.
Now Pepe could look for new solid support before continuing his climb towards infinity, ending the year as a true bullish success.
Supporting the bullish theses is the Chaikin Money Flow (CMF) indicator of on the blockwhich exploded yesterday after 3 weeks of inactivity, indicating strong buyer interest. The CMF indicates that Investors trust the performance of PEPEwhich could generate greater capital inflows and limit profit taking.
As an indication, if the cryptocurrency manages to hold the $0.000023 support stable, we could expect another ATH by the end of the year.
Cryptocurrency market in the red at the start of the week: where are we headed with memecoin?
While Pepe marks a new ATH, the crypto market registers a day in deep red, with the main assets stopping their expansion phase.
Yesterday btc reached $94,000 with a rebound while ETH It approached $3,500, causing fear and concern among cryptocurrency traders.
After the last two months marked by the rise, the first substantial reductions arrive to dampen the bullish party.
Some whales began unloading large positions in the afternoon, triggering a cascade of liquidations across a wide range of assets.
In total, 1.65 billion dollars have evaporated in the last 24 hoursmost of which is the result of excessive leverage on the part of bettors.
In total, 538,967 were liquidated, with the largest loss being that of the ETH-USDT pair with a position of 19.69 million dollars.
Today the market seems to be in a slight recovery but it is still not enough to celebrate the return of the bullish bias.
However, the settlement map on Coinglass does not appear predominantly red, instead leaving room for some memecoins in green.
Coins like Pepe, Doge, BabyDoge, Neiro and Wif reflect an ambiguous situation with the rest of the market.where the majority of those liquidated were the bears.
Traders likely took advantage of the ongoing selling to strengthen their positions in the top meme, causing those who were short to liquidate.
This is a sign of absolute strength that could drive further gains for the most speculative assets.
Memecoins are likely to remain the stars of the cryptocurrency market for a few more months, waiting for attention and capital to move elsewhere.
Technical analysis on Pepe: investors fear a decline in crypto
Although sentiment and settlement data seem to favor PEPE, it is not certain that it cannot reverse its price structure from the last ATH.
Traders fear another deeper correction is in store for memecoinwhich could disrupt your positive momentum.
The RSI 14 days indicates a level of 70, suggesting a potential overload phase that will culminate in a short-term consolidation.
The volumes of open interest and derivatives indicate a still high attention to speculation, while the fall in the funding rate suggests a balanced situation.
Furthermore, the activity of PEPE DEX holders have increased significantly similar to other sales events.
Last week, active users returned for the first time since April 2023 to surpass 40,000, a sign of likely profit-taking.
Additionally, trading volume on decentralized exchanges has skyrocketed similar to what happened in March 2024, just before cryptocurrencies crashed.
In summary, the overall outlook for PEPE remains bullish, with prices maintaining an elevated level from which a new rally and a new ATH could begin.
At the same time, however, Some indicators point to concrete risks of a collapse in the short term.especially if we compare this data with historical sets from the past.
On the other hand, after such strong growth in the month of November, consolidation at slightly more modest price levels would now be appropriate.
