- After a double-digit weekly bull rally, PORK’s price fell by over 10%, while PEPE moved down marginally.
- Metrics revealed that selling pressure on PORK increased.
- Most indicators hinted at a further price drop.
PEPE’s forked token, PORK, experiences a price drop despite a recent bull rally. With increased selling pressure, further price drops are anticipated.
PORK’s Recent Price Drop
Pepe’s [PEPE] forked token, PepeFork [PORK], gained much traction in the crypto community as its social metrics soared. However, despite its rising popularity, PORK’s price action moved in the opposite direction. After a weekly rally of over 12%, PORK’s price fell by over 10%. The selling pressure on PORK increased, and most indicators hint at a further price drop.
PEPE’s Stable Position
Contrary to PORK, PEPE’s price only dropped marginally. Market sentiment around PEPE remained bullish as its Weighted Sentiment graph was up. Unlike PORK, PEPE remained under high buying pressure. The meme coin’s Supply on Exchanges dropped, while its Supply outside of Exchanges increased over the last week.
Future Expectations for PORK
Given PORK’s current state, its daily chart was examined to better understand whether it could change the bearish trend. The Relative Strength Index (RSI) registered a sharp downtick, and the Chaikin Money Flow (CMF) also followed a similar declining trend. These suggest that the chances of a continued price decline are high. However, the MACD remained in buyers’ favor as it displayed a bullish advantage in the market.
Conclusion
Despite a recent bull rally, PORK’s price experienced a significant drop due to increased selling pressure. On the other hand, PEPE’s price remained relatively stable with high buying pressure. While further price drops are anticipated for PORK, PEPE’s future outlook remains bullish.
