- PEPE registered gains of over 10% in the last 24 hours
- Buying pressure seemed to be increasing too, hinting at a sustained price hike
PEPE fell victim to a major price correction over the past week. However, the memecoin has been showing signs of recovery in the last 24 hours or so, with the same supported by a key metric too.
Therefore, AMBCrypto investigated further to find out whether this latest price hike could result in a full-fledged recovery.
Is PEPE recovering?
PEPE recorded a double-digit price drop over the past week. To be precise, its value fell by over 20% in just 7 days. However, the memecoin managed a recovery in the last 24 hours as it pushed its value by over 10%. At the time of writing, the memecoin was trading at $0.00001876.
While the memecoin pushed its price up, its trading volume rose by 39% and exceeded $5 billion. Whenever trading volume increases along with the price, it means that the possibility of the bull run continuing is high.
In fact, here, it’s interesting to note that memecoins, which are fueled by market hype and trends, are often the worst hit during price corrections.
On the other hand, they also rally impressively when the market conditions turn bullish. Does this mean PEPE is set for a massive bull rally though?
What to expect going forward?
According to Santiment’s data, buying pressure on PEPE has been rising lately. This was evidenced by the recent uptick in its supply outside of exchanges and a drop in its supply on exchanges. A hike in buying pressure indicates confidence in a token, which typically results in price hikes.
Additionally, the fear and greed index had a value of 24% at press time, meaning that the market was in an “extreme fear” phase. This finding suggested that the chances of a price hike were high.
However, whales were thinking differently. The memecoin’s supply held by top addresses dropped last week—A sign of selling pressure from whales.
Source: Santiment
Therefore, we checked PEPE’s daily chart to see what market indicators revealed.
We found that the Relative Strength Index (RSI) registered an uptick, indicating rising buying pressure. This can contribute to sustaining the memecoin’s recently gained momentum on the price charts.
Read Pepe’s [PEPE] Price Prediction 2024–2025
Nonetheless, nothing can be said with utmost certainty. This was the case as the technical indicator, MACD, flashed a clear bearish advantage in the market. And, this can result in yet another price correction in the coming days.
Source: TradingView
