- PEPE’s volume fell as it witnessed the latest price correction
- Market indicators and statistics remained positive on PEPE
LunarCrush’s data recently revealed some important data Pepecoin [PEPE], suggesting that the token’s price could gain some upward momentum. However, the reality on the ground seemed to be different as PEPE’s daily map was painted red. Are there any chances that the memecoin price move will turn bullish in the coming days?
Realistic or not, here it is PEPE market cap in BTC‘s conditions
PEPE becoming bullish again?
According to LunarCrush data, PEPE topped the list of cryptocurrencies in terms of Galaxy Score. The statistic can be taken as a typical bullish signal, suggesting that the price of the memecoin may turn bullish soon.
However, things had yet to be reflected in reality as the price of PEPE had fallen by more than 1% in the past few hours. According to CoinMarkrtCapat the time of writing, PEPE was trading at $0.000001743 with a market cap of over $683 million, making it the 63rd largest cryptocurrency.
TOP 15 coins from @LunarCRUSH Galaxy score
Galaxy Score is a proprietary score that continually measures crypto against itself against the community metrics pulled in from around the web$PEPE #BNB $BNB $EGLD $SUSHI $FIL $SNX $CELO $FTT $ARB $LDO $BRT $BLUR $DEXE $ CURRENT… pic.twitter.com/ehBg7dnOEB
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) July 3, 2023
Do statistics follow the bullish narrative?
A look at the supply distribution of the memecoin also painted an optimistic picture. The supply of tokens on exchanges decreased, while the supply outside the exchanges increased. This was a typical suggestion of continued higher accumulation. PEPEThe market value to realized value (MVRV) ratio was also significantly higher.
In addition, PEPE’s latest price drop was accompanied by a drop in trading volume, which was also optimistic.
Source: Sentiment
How many Worth 1,10,100 PEPEs today
Similar to the stat reset, the memecoin’s social volume remained stable, reflecting its popularity in the crypto community. Positive sentiment around PEPE was also dominant in the market, as evidenced by the rise in weighted sentiment.
Source: Sentiment
Here’s what investors should expect
PEPE’s daily chart showed the bulls taking over the market. This was evidenced by the bullish crossover shown by the Exponential Moving Average (EMA) ribbon.
The Moving Average Convergence Divergence (MACD) indicator also matched the findings of the EMA ribbon. The Relative Strength Index (RSI) was also high, which looked bullish.
However, the Money Flow Index (MFI) was a cause for concern as it was near the overbought zone. If the MFI enters the overbought zone, selling pressure on the memecoin could increase.
Source: TradingView