Why PEPE Price Could Experience a Significant Surge
PEPE price may be on the verge of another jump, driven by two key factors. Firstly, the supply of PEPE on exchanges has witnessed a considerable drop over a single day, indicating that holders are anticipating an increase in value. This decrease in supply, combined with steady or increasing demand, creates upward pressure on the price.
Historically, a similar reduction in supply has been followed by a notable price surge for PEPE, further supporting the potential for another significant increase in the near future.
Secondly, the Mean Coin Age for PEPE has been steadily increasing since the beginning of March. This metric measures the average age of all coins in circulation, indicating that holders are opting to hold onto their coins rather than selling them. This accumulation phase is generally seen as a bullish signal, suggesting a decrease in selling pressure and a potential price increase.
The recent stability in Mean Coin Age suggests that PEPE may be entering a consolidation phase, which often precedes significant market movements. This consolidation allows for a balance between supply and demand before a new trend emerges, hinting that PEPE may be gearing up for the next phase of price surges.
Additionally, the convergence of three out of four Exponential Moving Average (EMA) lines for PEPE sends a bullish signal to investors. This alignment, with short-term EMA lines positioned above the longer-term counterparts, indicates a potential stabilization of the PEPE price and a phase of consolidation.
If PEPE can break through the $0.0000085 level, it may have the potential to reach $0.000011 for the first time. However, if it falls below the $0.0000070 support, the price could dip to $0.0000049.
Overall, the combination of decreasing supply on exchanges, increasing Mean Coin Age, and bullish EMA convergence suggests that PEPE is primed for another jump in price. Investors should keep a close eye on these factors to gauge the potential for a significant surge in the near future.