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Last week, PEPE’s price took a hit, dropping over 2%. But in the last 24 hours, the meme coin showed signs of recovery, with its value surging by over 3%. Now, the token trades at $0.00001216, boasting a market cap exceeding $5.8 billion. This makes it the 22nd largest cryptocurrency. According to IntoTheBlock, more than 83% of the token investors are now in profit.
The coin’s recent rise hints at a potential extended bullish trend. A key moment came when PEPE broke above a significant bullish pattern. World of Charts, a well-known crypto analyst, tweeted about this development. According to their analysis, the token broke out of a bullish pennant pattern, suggesting a possible 30% rally. The pattern appeared in July, with the token consolidating within it since. If this trend continues, PEPE could reach $0.000017 in the coming weeks.
Santiment’s data shows a drop in PEPE’s supply on exchanges while its supply outside exchanges increased. This shift suggests a rise in buying pressure. Additionally, the exchange outflow for the token spiked last week, reinforcing the idea of increased demand.
PEPE Whale Activity
Interestingly, whale activity remained flat. The top addresses holding PEPE showed no significant changes. Despite the stable whale activity, the memecoin’s buying pressure and market sentiment remained bullish.
One notable metric was the MVRV ratio, which stayed high last week, indicating that many holders are in profit. The daily active addresses for the token remained stable, another positive sign.
However, not all metrics pointed upwards. The network growth for PEPE saw a decline, suggesting fewer new addresses were created to transfer the token. Additionally, the Relative Strength Index (RSI) showed a downtick, hinting at a possible price correction ahead. Yet, the Money Flow Index (MFI) indicated an uptick, suggesting continued bullish momentum.
In summary, PEPE’s recent price surge and break above a bullish pattern signal potential for further gains. While some metrics suggest caution, the overall outlook for the token remains optimistic. Investors should watch for continued bullish signals and any changes in whale activity to gauge the meme coin’s next move.
