PEPE has experienced a significant price surge in the past week, supported by an increase in trading volume. Typically, a surge in volume during a bullish trend sets the stage for further price appreciation.
Can we expect PEPE to continue its upward trajectory in the final days of this year?
Potential for PEPE to Extend Gains
Over the last seven days, the memecoin has displayed promising performance, with its value rising by more than 8%.
Currently, PEPE is trading at $0.00001855, boasting a market capitalization exceeding $7.88 billion, securing its position as the 24th largest cryptocurrency. Concurrently, the trading volume for PEPE has seen an uptrend.
With the coin’s price gaining bullish momentum, the buying pressure has also intensified around PEPE.
According to data from Hyblock Capital, PEPE’s buy volume hit 78 on December 29th. A value nearing 100 signifies significant buying pressure on a token, often resulting in price upticks.
Key Metrics Indicators
Further analysis was conducted by CryptoCrypto to gauge the likelihood of PEPE’s upward momentum persisting in the days ahead.
A scrutiny of Santiment’s data revealed that the memecoin’s network growth had started to rise following a decline, indicating the creation of more new addresses for token transfers.
Moreover, the memecoin’s MVRV ratio showed a slight uptick, signifying an increase in market capitalization relative to the realized cap.
Additionally, prominent market players exhibited confidence in PEPE, evidenced by the surge in supply held by whales over the past week.
Investor interest in the memecoin was further corroborated by the Relative Strength Index (RSI) showing an uptick. Nonetheless, some indicators were not favorable for PEPE.
For instance, the MA Cross indicator for PEPE indicated a bearish trend, with the 21-day MA surpassing the 9-day MA.
Moving forward, an evaluation of the memecoin’s liquidation heatmap was conducted to identify potential targets and support levels in the short term.
According to the analysis, if PEPE’s price maintains its upward trajectory, it could soon reach the $0.0000191 level.
However, in the event of a trend reversal leading to a price correction, PEPE’s price might decline to $0.0000181.