After a significant price correction in the past week, PEPE has begun to show signs of recovery in the last 24 hours, supported by a key metric.
Considering these developments, CryptoCrypto conducted an in-depth analysis to assess the potential for a comprehensive recovery.
Current Status of PEPE’s Recovery
Over the past week, PEPE encountered a sharp double-digit decline, with its value plummeting by more than 20% within just seven days. However, the memecoin managed to stage a recovery in the last 24 hours, pushing its value up by over 10%. As of the latest update, the memecoin was trading at $0.00001876.
Simultaneously, the trading volume of the memecoin surged by 39%, surpassing $5 billion. An increase in trading volume coupled with a rise in price often signals a likelihood of the bullish trend extending further.
It is worth noting that memecoins, driven by market sentiment and trends, are typically hit hard during price corrections, yet they demonstrate notable resilience when market conditions turn favorable.
Given these dynamics, could PEPE be gearing up for a significant bull run?
Future Outlook and Projections
Recent data from Santiment indicates a rise in buying pressure on PEPE, echoed by an uptick in its supply off exchanges and a decrease in on-exchange supply. Growing buying pressure is a positive signal for a token, often translating into price appreciation.
Furthermore, the fear and greed index stood at 24% in the latest assessment, signaling an “extreme fear” phase in the market. This observation suggests a strong possibility of a price upsurge.
Contrarily, large holders seemed to have a divergent view as the supply of the memecoin controlled by top addresses decreased last week—hinting at selling pressure from whales.
Consequently, a review of PEPE’s daily chart was conducted to analyze market indicators.
An upward trend was noted in the Relative Strength Index (RSI), indicating a rise in buying pressure which could help sustain the momentum gained in the memecoin’s price charts.
However, with market dynamics being uncertain, the technical indicator MACD displayed a bearish advantage, possibly leading to another price correction in the near future.