- PEPE has experienced a price surge of over 2% in the last 24 hours.
- On-chain data analysis suggests the potential for continued price appreciation.
- After significant declines, PEPE shows signs of recovery, sparking investor interest.
PEPE, the memecoin, shows promising signs of recovery with recent price increases and positive on-chain metrics, hinting at a potential new bull run.
PEPE Set for a Rebound
Recently collected data from CoinMarketCap indicates that PEPE experienced a 6% price drop over the past week, hitting a low of $0.0000106. However, the coin showed resilience with a 2% surge in the last 24 hours, trading at $0.00001194. This brought its market cap to an impressive $5.02 billion, positioning it as the 23rd largest cryptocurrency.
The recent price rise allowed PEPE to breach a critical resistance level temporarily. According to COINOTAG’s 12-hour chart, the memecoin briefly exceeded the $0.000012 mark. Although it has slightly dipped below this threshold, the breakout remains a positive indicator for potential recovery.
Should PEPE sustain its momentum and retest the $0.000012 mark successfully, it could pave the way for the coin to reach its previous all-time highs in the near future.
Analyzing PEPE’s Bullish Potential
In light of PEPE’s recent performance, COINOTAG analyzed on-chain metrics to evaluate the likelihood of a bullish rally. The analysis revealed heightened buying pressure, supported by an increase in exchange outflow over the past week. Additionally, data indicated a drop in PEPE’s supply on exchanges while its supply outside exchanges rose, implying more investors are holding onto the coin.
Another positive sign was the memecoin’s improved Market Value to Realized Value (MVRV) ratio, following a dip recorded on June 14. This improvement suggests a bullish trend.
Furthermore, investor sentiment around PEPE has shown signs of recovery. Weighted sentiment data reflects an uptick, though this is partially offset by a decrease in social volume, indicating a decline in the coin’s online buzz.
Future Price Speculations and Risks
Hyblock Capital’s data presents a scenario where PEPE could potentially reach $0.0000139, driven by rising liquidation at that level. Typically, increased liquidation could lead to short-term price corrections.
Should PEPE manage a successful breakout above this level, it may achieve new price highs. However, if bearish forces prevail, the memecoin could depreciate to $0.000009.
Conclusion
In summary, PEPE displays promising recovery signs, bolstered by recent price increases and supportive on-chain metrics. Investors should watch key resistance levels and market sentiment closely, as these will be critical in determining whether PEPE can sustain its bullish momentum or face further corrections. The coming weeks could be pivotal for this memecoin, potentially resetting its trajectory in the crypto market.
