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Home»Bitcoin»Meme mania returns as PEPE surges 80%, but there are concerns
Bitcoin

Meme mania returns as PEPE surges 80%, but there are concerns

2023-10-28No Comments4 Mins Read
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  • Over the past week, the value of PEPE has increased by more than 80%.
  • Analysts believe this marks the beginning of an impending general market downturn.

Pepe [PEPE] and Floki [FLOKI] meme coins have led the cryptocurrency market’s rally in the past week, both up more than 80%, data shows CoinMarketCap showed.


Is your portfolio green? View the Pepe Profit Calculator


However, in a recent post on X (formerly Twitter), crypto analyst Ran Neuner warned that this could be a sign of an impending pullback in the overall market.

If you want to know when a pullback is coming, just watch $PEPE. It is literally an index for when the market overheats. When people feel confident enough to go there and it’s pumping, that’s your cue to leave. Works every time. pic.twitter.com/vMcqiddHwp

— Ran Neuner (@cryptomanran) October 26, 2023

Neuner’s warning was based on the historical observation that PEPE has often preceded major market pullbacks. For example, in September 2023, Pepe rose more than 1,000% between September 22 and 30.

During the same period, the value of BTC fell by almost 5%.

This $PEPE pump is another indicator of impending #BTC to dump.

Speaking from experience, you can view past price movements.

Coin pumping like $PEPE, $DOGE, $XRP, $IMX, $LINK always hints at the massacre, let’s see how it goes this time. pic.twitter.com/piseCxRiqD

— Alex RT₿ (@rutradebtc) September 22, 2023

The PEPE market is overheated

At the time of writing, the popular meme coin was exchanging hands at $0.000001215. The token’s key indicators, observed on a daily chart, pointed to a strong possibility of a price reversal within a few days.

See also  PEPE Price Prediction: Why a 30% Rise Could Be Coming

At the time of writing, PEPE’s price was above the upper band of the Bollinger Bands indicator. This indicator is used to identify overbought and oversold conditions in a market, as well as potential trend reversals.

When an asset’s price rises above the upper band of this measure, it generally indicates that the asset is overbought. It means that the price has risen significantly above the average, and traders often interpret such moves as a potential reversal signal; that’s why they start dumping with anticipation.

Indicators agree

At the time of writing, the momentum indicators were also pegged at the overbought high. PEPE’s Relative Strength Index (RS) and Money Flow Index (MFI) were 71.57 and 84.32, respectively.

These levels are typically characterized by buyer depletion, with accumulation slowing and distribution growing as traders start making profits.

Furthermore, meme coins are notorious for their severe price fluctuations over short periods of time. A review of some volatility indicators on the PEPE daily chart showed that the price was sensitive to volatility.

For example, the token’s Chaikin Volatility indicator has been on an upward trend since October 22, when the token’s price started to rise.

This indicator measures the difference between the high and low prices of an asset over a given period of time. When the Chaikin Volatility Indicator rises to return higher values, it generally indicates large price movements and potential volatility.

This indicator stood at 223.40 at the time of writing, after an increase of more than 1000% in the past seven days.

See also  PEPE Coin unleashes a new era for NFT purchases on OpenSea

Realistic or not, here is the market cap of PEPE in BTC terms


During the same period, the token’s Average True Range (ATR) has increased. This indicator measures market volatility by calculating the average range between high and low prices over a certain number of periods.

At 0.00000011 and in an uptrend at the time of writing, the ATR hinted at the possibility of significant price swings in the coming days.

Source: PEPE/USDT on TradingView



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