PEPE's Price Dives in Market Crash, But Analysts Predict Bull Run

Meme coin PEPE experienced a bullish surge on April 11th, but the market crash on April 13th caused a sharp decline. Despite potential buy signals indicated by bullish indicators, increased selling pressure and whale selloffs suggest that PEPE's uptrend may be short-lived. If PEPE breaks above $0.00001, it could potentially reach new highs, but analysts caution that if bearish sentiment persists, PEPE could face further losses.

PEPE's Price Plunges Amidst Broader Market Crash, But Analysts See Potential for Bullish Rally

Following a brief surge in value, the price of the meme coin PEPE has plummeted by over 11% in the past 24 hours, mirroring a wider downturn in the cryptocurrency market. As of press time, PEPE is trading at $0.000005219, with a market capitalization of over $2.2 billion.

Despite the recent setback, analysts remain bullish on PEPE's long-term prospects. Technical indicators suggest that the meme coin is moving in a bullish symmetrical triangle pattern, indicating potential for significant upward momentum.

Analyst Crypto Tony highlighted the bullish pattern, noting that a successful breakout above $0.00001 could propel PEPE to new highs. Data from Hyblock Capital also suggests that the meme coin's liquidation will rise sharply near $0.000008, providing a potential trigger for a rally.

AMBCrypto's analysis of PEPE's daily chart reveals that if the meme coin manages to break above the high liquidation zones in the coming weeks, it could potentially reach an all-time high this summer. However, if bears take control, support near $0.000006 will be crucial to prevent a further decline.

On-chain metrics paint a mixed picture. While PEPE's Chaikin Money Flow (CMF) and On Balance Volume (OBV) indicate bullish momentum, increasing selling pressure on the exchange suggests that whales may be unloading their holdings. This selling pressure contributed to the recent price decline.

Despite the short-term setback, analysts believe that PEPE's long-term outlook remains positive. If investors remain patient and the market recovers, the meme coin has the potential to embark on a significant bull rally. However, it is important to note that the cryptocurrency market is highly volatile, and caution is always advised.