Bitcoin price is above $69,660, triggering significant volatility in altcoins. Recent news has increased the risk appetite of cryptocurrency investors. Biden will not use his veto power for the crypto law, and potential issuers for spot Ether ETFs have taken action. File updates have accelerated, indicating stronger communication with the SEC and a higher likelihood of approval.
PEPE Coin Commentary
Pepe Coin is again in the all-time high region. As previously warned, these high levels where all investors are profitable have the potential to trigger significant sales. According to the Network Realized Profit/Loss indicator, overall gains were declining in April. Realized gains indicate that investors are moving towards profit-taking.
Since the all-time high level has been seen again, the days may have come for investors who made good gains from satisfactory levels to abandon the ship.
The 30-day MVRV is also at 38%. This indicator triggered price corrections when it was between 15% and 36%. Accordingly, sales for PEPE Coin may have started.
PEPE Coin Price Prediction
The altcoin, which rose by 51% in 2 days, benefited greatly from the recent rise in BTC price. We have always seen that Meme Coins experience more increases, especially when BTC price rises. This result occurs with the strong interest of investors chasing quick gains. PEPE Coin, which saw a new all-time high of $0.0000143, has not yet given a strong bearish signal on the technical front.
However, if a pullback occurs due to the reasons mentioned in the first section, the first main stop could be the $0.0000125 support. If this price level, which indicates the 78.6% Fibonacci Retracement, cannot be maintained, PEPE will retreat to the 61.8% Fib line. This points to $0.00001146.
Since the last stop is the bull support, sales are likely to accelerate, and the return may be delayed over time if it closes below this level. In the bearish scenario, a strong recovery from this support could be triggered by the bulls who convert their high gains into cash. This will mean gathering strength for a new ATH. Bitcoin continues to linger around the $70,000 region for now.
