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Bitcoin price is above $69,660, and the movement is triggering significant fluctuations in altcoins. Recent news will increase the risk appetite of crypto 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 that communication with the SEC has strengthened and the approval likelihood may have genuinely increased.
PEPE Coin Commentary
Pepe Coin is back in the all-time record region. As we previously warned, these high levels, where all investors have become 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 turning to profit-taking.
Since the all-time record level has been seen again, the days may have come when investors who made good profits by buying at satisfactory levels might leave 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 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 at $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 bull support, it is likely that sales will accelerate and the return will be delayed over time if there are closures below this level. In the bearish scenario, a strong recovery from this support can be triggered by the support of bulls who cash in their high profits. This will mean gathering strength for a new ATH. Bitcoin continues to hover around the $70,000 region for now.
