Popular memecoin PEPE on the Ethereum blockchain has recorded a rise of nearly 30 percent from the bottom level formed on December 20.
#PEPE recorded a 33 percent drop between December 18 and December 20. Following the loss in question, $PEPE , which fell to 0.00001441, created a potential bottom level. The popular memecoin rose from $ 0.00001441 as the Bitcoin (BTC) price began to recover.
AMBCrypto analyzed PEPE's price movements over the last 24 years. The analysis emphasized that the potential rise could continue.
PEPE exhibits a positive outlook
PEPE made a major price change in the growing week. According to AMBCrypto's analysis, signs of recovery after the correction in question, metrics in PEPE developed positively.
A 39 percent increase was observed in PEPE's trading volume. The analysis suggested that the increase in trading volume was a Bullish signal.
While the outflows from centralized exchanges increased, it was noted that the volume was around 5 billion in general. According to Santiment's systems, the buying pressure on PEPE has started to increase recently.
AMBCrypto made the following statements;
"As an alternative to buying pressure, trust in a token also increases, which leads to price increases."
In addition to the buying pressure, the fear and greed index signaled an increase. According to the analysis, the selling pressure has ended in PEPE, which reached the "increasing fear" phase with a value of 24 percent.
It was observed that whales sold their PEPEs on a positive note. AMBCrypto warns that whales may create selling pressure.
The analysis noted that the Relative Strength Index (RSI) increased, which reflected the buying appetite.
