- The price of PEPE has risen by more than 3% in the past 24 hours.
- A few market indicators were bearish on the memecoin.
After a week of price drops PEPE‘s price regained bullish momentum. This latest uptrend could continue further as the memecoin breaks above a crucial level. Let’s take a closer look at what’s going on with PEPE.
PEPE’s Bullish Breakout
CoinMarketCaps facts revealed that PEPE witnessed a major price correction last week as its value fell by more than 2%. However, things have gotten better in the past 24 hours.
The price of the memecoin rose by more than 3%. At the time of writing, PEPE was trading at $0.00001216 with a market cap of over $5.8 billion, making it the 22nd largest crypto.
Thanks to that, more than 83 percent of PEPE investors made a profit, according to IntoTheBlock’s facts.
In the meantime, the memecoin managed to break a bullish pattern, which indicated a continued price increase.
World of Charts, a popular crypto analyst, recently posted tweet to draw attention to an interesting development. According to the tweet, PEPE broke above a bullish pennant pattern, which could result in a 30% bull rally.
The pattern appeared on PEPE’s chart in July and has been consolidating within the pattern ever since. If this analysis is to be believed, PEPE could soon reach $0.000017 in the coming weeks.
Source:
What can you expect from PEPE?
AMBCrypto then checked Santiment’s data to see what metrics suggested. According to our analysis, the supply of the memecoin on exchanges decreased, while the supply outside the exchange increased, indicating that buying pressure increased.
The outflow of the memecoin on the exchange also peaked last week, further showing that buying pressure was increasing.
However, the whales have not made any major progress in the past week, which was clearly evident from the flat supply on the top address list.
Source: Santiment
In addition to the increase in buying pressure, another bullish measure was the MVRV ratio, which remained high last week. The daily active addresses also remained fairly stable last week.
However, network growth declined. This suggested that fewer addresses were created to transfer the token in the past week.
Source: Santiment
Read Pepe’s [PEPE] Price prediction 2024-25
AMBCrypto then planned to monitor the memecoi’s daily chart. According to our analysis, the MACD showed the chances of a bearish crossover.
The Relative Strength Index (RSI) registered a decline, further indicating that the chances of a price correction were high. Nevertheless, the Money Flow Index (MFI) registered a rebound, indicating a continued bull rally.
Source: TradingView
