Pepe Price Prediction 2024 Remains Positive, With Promising Bullish Signals and Minor Bearish Risks

Pepe [PEPE], one of the most popular memecoins, has exhibited significant price volatility in recent weeks. The Pepe price prediction 2024 is a hot topic for both crypto investors and enthusiasts eager to gauge future market movements. Over the past ten days, PEPE faced heightened fluctuations, largely driven by external market conditions, such as Bitcoin [BTC] 8.4% drop between 7-10 October. Despite these challenges, Pepe remains a top performer among memecoins, with the second-largest gains, having risen by 5.5% in the past week.

As we dive into Pepe price prediction 2024, it’s crucial to consider the key factors shaping its price trajectory. Network growth, selling pressure, and market activity are all pivotal in understanding whether the bullish trend can continue or if the market might enter a stagnation phase.

One of the primary drivers behind memecoin price movements is market sentiment and popularity, often resulting in short-term price volatility. The last few days have been no exception for PEPE, as bearish price action triggered a decline in daily active addresses. As Pepe price prediction 2024 continues to capture attention, it is important to note that despite recent turbulence, PEPE retained its bullish technical structure on the daily timeframe.

According to crypto analyst Sarah Thompson, Pepe’s ability to hold onto its technical structure despite Bitcoin’s significant dip showcases its resilience in a turbulent market. However, to sustain this momentum, network activity and popularity must be rekindled.

As of now, network growth remains a key metric to watch. The recent pullback in daily active addresses is an indication that investors may be taking a cautious stance in response to broader market conditions. Yet, Pepe price prediction 2024 hinges on whether this trend reverses, as a resurgence in network growth could lead to further price appreciation.

Pepe Price Prediction 2024: Short-Term Selling Pressure

Despite PEPE’s recent rise, it remains susceptible to sell-offs in the short term. The 30-day Market Value to Realized Value (MVRV) metric, which provides insights into market participants’ average profitability, hovers around zero. This suggests that investors are not currently seeing significant profits, making profit-taking a likely scenario in the event of any price bounces.

Mark Jenkins, a senior analyst at Crypto Insight, notes, “With the 30-day MVRV near zero, we can expect to see some sell volume as traders look to capitalize on even minor gains. For PEPE, any upward movement in the short term may result in profit-taking, slowing down the bullish momentum.

While short-term price action might be volatile, Pepe price prediction 2024 offers a broader perspective. Despite recent fluctuations, the long-term MVRV remains positive, indicating that PEPE holders who have maintained their positions since October 2023 are still sitting on decent returns. This is an encouraging sign for long-term investors, but the ongoing selling pressure could limit immediate upward movements.

Pepe Price Prediction 2024: Long-Term Market Performance 

Looking beyond short-term volatility, it’s essential to examine the longer-term outlook for PEPE. The 90-day mean coin age, a measure of the average time that tokens have been held in wallets, has been steadily decreasing since July. This trend indicates a distribution phase, as holders move their tokens between addresses, potentially signaling increased selling activity. The 365-day mean coin age, however, has remained stagnant since late August, pointing to a lack of long-term accumulation.

In terms of Pepe price prediction 2024, the coin’s long-term performance hinges on whether this distribution phase ends, allowing for renewed accumulation. For now, the steady token movement between addresses indicates that some holders may still be offloading their positions.

John Lee, a market strategist at CryptoAnalytics, comments, “The continuous movement of tokens between wallets is a clear sign of selling pressure. But if we begin to see a reversal, where coins start moving into newer wallets, this could be an early signal of renewed bullish sentiment.

One of the key metrics that could signal a shift in market sentiment is the mean dollar invested age. A rising trend in this metric indicates that coins are becoming more stagnant, remaining in the same wallets for extended periods. This suggests that current holders are unwilling to sell, which may lead to a supply squeeze if demand picks up.

Once older coins start flowing into newer wallets, the mean dollar invested age could trend downward, a potential signal of increased bullish pressure. In the context of Pepe price prediction 2024, such a shift could point to renewed optimism and increased market activity, leading to further price gains.

In conclusion, Pepe price prediction 2024 remains cautiously optimistic, with both bullish and bearish signals present. Investors should keep a close eye on network activity and market sentiment as key indicators of future price movement. Get more from The Bit Gazette