- PEPE’s slight recovery today shows signs that its strength is increasing again.
- PEPE’s 30-day moving average has slowed down its sharp decline in the past few days.
- Some data, such as the amount of coins held by the top 100 investors’ wallets, suggest that whales may be slowly accumulating.
PEPE token, which experienced a decline along with the sharp drops in Bitcoin and Ethereum, managed to turn its daily candle green with a slight recovery.
PEPE Rises with a Slight Recovery
PEPE’s slight recovery today shows signs that its strength is increasing again.
First of all, PEPE’s 30-day moving average (yellow) has slowed down its sharp decline in the past few days and seems ready to rise towards its 200-day average (blue), which could be the starting point for an upward trend.
At the same time, the coin’s relative strength index (purple) has risen above 60 from yesterday’s 20, which is another sign that PEPE may continue to rise in the next few days.
Furthermore, PEPE’s support level (green) indicates that recent selling pressure may have bottomed out and that the only way is up.
PEPE/USDT 1 Hour Price Chart
Of course, there is no fundamental reason for PEPE to see a rally right now, as it is a meme token that does not provide any real use or benefit. However, if a positive story can be developed around PEPE, such as the possibility of listing on Coinbase or other major exchanges, it could easily start to rise again.
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PEPE’s Volumes are Decreasing
So far, as PEPE has already received significant listings on major exchanges such as Binance and Kraken, there seem to be few major trading platforms that do not list it. Therefore, it is difficult to see where the bullish news could come from, despite the 24-hour trading volume from the beginning of May to today dropping from $2 billion to about $120 million.
The decrease in volume indicates that interest in the token has largely decreased, but some data, such as the amount of coins held by the top 100 investors’ wallets, suggest that whales may be slowly accumulating.
This accumulation (however modest it may be) could indicate an upcoming rally, and today’s 3% increase supports this to some extent.
PEPE could jump from its current price of $0.00000130 to $0.0000015 or even $0.000002 next week, but it may require a big purchase or news.
