Pepe (PEPE): should we expect a trend reversal? | analysis
(note: the post contains data by AMBCrypto)
Pepe (PEPE) has witnessed much volatility in both directions of late, and the last week was bearish. This was the case after reaching an ATH; the memecoin’s price turned bearish and dropped by double digits.
However, a recent development suggested that the trend might change.
PEPE’s exchange outflow spiked last week. Its Supply on Exchanges dropped, while its Supply outside of Exchanges increased.
This clearly hinted at a rise in buying pressure. Additionally, the memecoin’s supply held by top addresses also increased, which meant that whales were accumulating the memecoin in hope for a price surge.
PEPE’s daily chart to see whether it was preparing for a rally. We found that the Chaikin Money Flow (CMF) registered a downtick in the recent past.
The Relative Strength Index (RSI) also registered a downtick, and, at press time, was placed under the neutral mark. Additionally, the MACD displayed a bearish advantage in the market, minimizing the chances of a trend reversal.
Hyblock Capital’s data aslo revealed that if the memecoin remains bearish, then investors might witness PEPE drop to $0.0000109.
However, if a trend reversal happens, then the memecoin might touch $0.0000156 soon.
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