PEPE has recently shown signs of recovery, achieving a 10% hike after experiencing a steep 20% decline over the past week. As the memecoin struggles after its recent price correction, the question on everyone’s lips is whether this recovery can sustain momentum.
Over the last 24 hours, PEPE surged more than 10%, and at the time of writing, it traded at $0.00001876. This rebound is especially noteworthy given the added buying pressure that signals potential strength behind its rise. Accompanying this price increase, the trading volume rose by an impressive 39%, surpassing $5 billion. Such a surge in trading volume is often seen as a positive indicator, hinting at the possibility of a bull run.
Memecoins like PEPE are particularly susceptible to market trends and hype. They can suffer dramatically during price corrections, yet they tend to bounce back just as swiftly when conditions turn favorable. However, does this mean a massive bull rally is on the horizon for PEPE?
Recent data from Santiment reveals that buying pressure around PEPE has been on the rise. The evidence lies in a notable uptick in supply outside exchanges, coupled with a decrease in supply on exchanges. Such trends typically reflect increased confidence among investors, which often translates into further price increases. Yet, it’s a double-edged sword; the fear and greed index currently sits at 24%, signaling “extreme fear” — a state that can ironically pave the way for potential price increases.
On a less optimistic note, whales—large holders of PEPE—have been offloading their holdings, evident from the drop in supply concentrated in top addresses. This selling pressure could dampen PEPE’s momentum.
Examining PEPE’s daily chart, the Relative Strength Index (RSI) shows an uptick, reinforcing the notion of rising buying pressure. This suggests that there is hope for PEPE to sustain the benefitted momentum. Yet, caution is warranted—the MACD indicator raises alarms with a bearish signal, highlighting potential for another price correction in the near future.
In summary, while PEPE’s recent 10% hike delivers a glimmer of hope, the market remains unpredictable. Factors such as rising buying pressure and fluctuating trading volumes lend support to a potential recovery, yet whale behavior and bearish indicators caution against overenthusiasm. As the crypto landscape continues to shift, only time will reveal whether PEPE can maintain its rejuvenated stance.
