Pepe (PEPE) stock has been quite volatile for investors lately. The volatility has even fueled speculation about whether the coin could reach its three-month highs again. Market data suggests that the recent decline is actually a correction. It also suggests that PEPE could enter a new uptrend in the near term. So is this really possible?
PEPE's performance in recent weeks
Last week, PEPE dropped 3.47%. However, it is worth noting that before this drop, PEPE showed a huge increase of 37.43% on the monthly chart. The price reached $0.0000119 but then entered a period of stagnation. This left many investors wondering âWill this increase continue?â That made him ask. It seems like memecoin is on hold for now, but there could be more to come.
In the last 24 hours, PEPE started trading at $0.000009705, showing a slight increase of 2.21%. According to some, the market cap increased by 1.90% to $4.09 billion, creating a positive wind in the market. These small movements could be a sign that PEPE could rise again. Of course, such sudden price changes always attract the attention of investors. Because it can often be a sign of big fluctuations in the short term.
Will the $0.00001 level be exceeded again?
Market analysts note that PEPE is currently retesting a strong resistance level at $0.00001. This level has not been broken many times before. However, market conditions suggest that PEPE is very close to breaking above this level and is bullish.
Additionally, the positive development of PEPEâs adjusted DAA deviation suggests that the demand for memecoin is increasing and the market is showing signs of recovery. If this demand increases further, PEPE could see a much larger move than expected.
What is the outlook for PEPE?
Looking at market fundamentals, we see PEPE as still undervalued. While market conditions are strengthening, PEPE has not fully adapted to this increase. Investors are wondering when PEPE will turn this situation to its advantage.
Additionally, Funding Ratio data shows that demand for long positions is increasing and market sentiment is turning positive. In short, investors are confident in PEPE and increasing their positions.
According to the latest data, Open Interest increased by 2.88% to $140.15 million. This shows that investors are opening new positions for PEPE and expecting more profits. All these signals indicate that the future price increase of memecoin is not far away.
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