Pepe Fork (PORK) surged to a two-month high of $0.00000023 during Thursday’s intraday trading session. Although it has since corrected, the meme coin still boasts double-digit gains over the past 24 hours.
PORK’s daily trading volume has also spiked by over 130% during this period. Currently at $7.02 million, PORK’s trading volume has reached its highest level since June 17.
Pepe Fork May Not Be Up to Par
Thursday’s surge in PORK’s value has sparked market speculation about whether it could soon outperform Pepe (PEPE) in the short term.
“$PORK 24-hour volume is just $0.5M less than $PEPE, yet PEPE’s market cap is 64x that of PORK. You really think PORK won’t flip PEPE again? It’s not a question of if. It’s when?” crypto trader Alex Gomez pointed out on X.
Another X user also drew attention to the comparison between PORK and PEPE’s 24-hour trading volumes, urging the market to “study” PORK.
Despite the optimism, the increase in market volatility that accompanied PORK’s recent upswing suggests that the meme coin could face a short-term decline.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Readings from PORK’s 12-hour chart revealed that during Thursday’s price rally, the gap between the upper and lower bands of PORK’s Bollinger Bands indicator widened significantly. This indicator measures market volatility and helps identify potential overbought or oversold conditions.
The upper band represents the higher range of an asset’s price movements, while the lower band tracks the lower range. A widening gap between these bands indicates increased market volatility.
Additionally, PORK’s Average True Range (ATR), which measures the degree of price volatility, has surged. As of now, PORK’s ATR stands at 0.0000000026, further confirming the heightened volatility surrounding the meme coin.
An increasing Average True Range (ATR) indicates that an asset’s price is experiencing massive fluctuations. This suggests that the asset is at risk of further price swings, highlighting the potential for continued volatility in the near term.
PORK Price Prediction: Meme Coin To Witness Further Correction
PORK’s declining momentum indicators suggest that the meme coin will experience a further correction. On Thursday, the token’s Relative Strength Index (RSI) peaked at an overbought level of 88, signaling a potential pullback.
At press time, the RSI has dropped to 64.89, indicating that while buying pressure remains high, selling activity has begun to take hold.
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PORK’s value is expected to lose more of its recent gains as buying momentum continues to decline, with the next price target set at $0.00000012. However, if new demand for the altcoin surges, driving up its value, the price could rebound to $0.00000017.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Abiodun Oladokun
https://beincrypto.com/pork-skyrockets-to-multi-month-highs/
2024-08-30 17:00:00
