PEPE Surges 24% Then Dips 4% Amid Investor Optimism

PEPE, a meme coin, has recently experienced a significant surge, rallying by 24% and pushing past the $0.0000060 resistance level. This increase, however, was followed by a cooling phase, with the coin experiencing a 4% dip. This volatility is not uncommon for meme coins, which are known for their rapid price movements and subsequent corrections.

The current dip in PEPE's price is attributed to a tough resistance zone that the coin has been unable to break since February. Despite this, there are indications that this could be a temporary pause before PEPE gears up for more action in May. The resilience shown by PEPE during this correction is noteworthy. Typically, when a significant resistance level emerges, investors rush to exit, fearing a pullback. However, this time, PEPE has remained resilient, with realized profits not surging in the way they did during previous corrections. This suggests that investors are holding their positions, likely driven by the fear of missing out on further gains.

PEPE's supply held by the top 1% of addresses has hit a yearly high of 85.162%, and the number of new addresses at $0.00000884 has surged to a monthly high of 1,387. These factors point to strong demand, even as some sell pressure remains. The recent price surge is supported by investor optimism, as evidenced by rising figures in key metrics. This optimism is further fueled by PEPE's ability to break through key resistance levels, unlike other major memecoins such as Dogecoin and Shiba Inu, which have been stuck consolidating at key resistance zones for the last few weeks.

PEPE has cleared the $0.0000090 level in less than two weeks, even after trying to clear it so many times in the last few months since mid-February. This impressive growth has investors keenly focused on PEPE’s next potential obstacle. The $0.000010 resistance level is now in sight, and given the recent momentum behind PEPE, it is believed that not only could it break this resistance level, but it is also possible to see another milestone on the chart movement of its continuing price growth.

Although the Relative Strength Index (RSI) is heating up, indicating that PEPE may be entering overbought territory, the recent dip appears to be a short-term shakeout, designed to flush out weak hands. For long-term investors, this creates a golden opportunity to scoop up PEPE at a discounted price. With the strong demand from top addresses and a steady influx of new buyers, the bulls may be ready to take over once again. If this momentum continues, PEPE price growth could push the coin past its current resistance levels, with the $0.000010 mark now in sight.

As May progresses, all signs point to PEPE potentially reclaiming key supply zones that it has struggled with in the past. If the bulls continue to control the market, PEPE could easily break through the $0.000010 resistance and head toward new highs. In conclusion, despite the cooling-off period, the overall outlook for PEPE remains positive. With strong metrics backing its recent price surge and a growing investor base, PEPE may be ready for another leg up in the coming weeks.