PEPE has gained 3.74% in the last 24 hours, contributing to the meme coin’s 3.21% growth.

PEPE could rise significantly this month after losing a lot of value.

PEPE has fallen 10.35% since last Friday, one of the hardest hit meme coins. Today's gain represents a reversal.

PEPE’s trading volume has remained above $400 million over the past 24 hours, indicating growing trader interest.

On-chain metrics show the return of the bull market
According to Santiment’s on-chain data, PEPE’s Market Buy/Sell Spread to Realized Value (MVRV) decreased from 55% to 36% between August 24 and 31.

This drop suggests that short-term investors will benefit more than long-term holders at current prices.

This trend could indicate a bear market if it continues.

However, the increasing MVRV value shows that long-term investors are making more money, which is a positive sign.

PEPE's long/short MVRV spread increased to 39.87%, indicating a bullish market.

If this trend continues, PEPE could recover from its recent decline.

Weak buying pressure, indicating caution among traders, could hamper PEPE’s upside momentum until higher demand emerges.

PEPE's Chaikin Money Flow (CMF) is also stuck at -0.06, struggling to recover. This shows persistent selling pressure, making it difficult for the price to rise again.

These factors hinder PEPE price from rising above 200EMA.

The MACD line and the signal line are fighting for power in PEPE, indicating that neither bulls nor bears are in control yet.

Market sentiment may turn bullish in September on expectations of a rate cut by the US Federal Reserve.

According to CME's FedWatch Tool, 67% of traders expect a 25 basis point rate cut, which could boost PEPE prices.

The $0.0000070 support level will be watched in the coming days. If selling pressure increases, a drop below this level could lead to a further pullback towards $0.0000063 or $0.000005.