PEPE has increased by over 10% in the past 24 hours.
Buying pressure seems to be increasing as well, suggesting that prices will continue to rise.
In the past week, PEPE experienced a significant price correction. However, in the past 24 hours or so, the memecoin has shown signs of recovery, and key indicators also support this indication.
Thus, AMBCrypto conducted further investigations to determine whether this price increase could lead to a full recovery.
Is PEPE recovering?
In the past week, PEPE's price has seen a double-digit decline. Specifically, its value dropped by over 20% in just 7 days. However, the memecoin successfully rebounded in the past 24 hours, with its value increasing by over 10%. At the time of writing, the memecoin is trading at $0.00001876.
As the price of the memecoin rises, its trading volume has also increased by 39%, surpassing $5 billion. Whenever the trading volume rises alongside the price, it indicates a high likelihood of the bull market continuing.
Indeed, it is worth noting that memecoins driven by market hype and trends often suffer the most during price corrections.
On the other hand, when market conditions improve, they also tend to rise significantly. But does this mean PEPE will experience a massive bull market rebound?
What can we expect in the future?
According to Santiment's data, the buying pressure for PEPE has been increasing recently. The recent rise in off-exchange supply and decline in exchange supply is clear evidence of this. Increased buying pressure indicates confidence in the token, which often leads to price increases.
Additionally, as of the time of writing, the Fear and Greed Index stands at 24%, indicating that the market is in a state of 'extreme fear.' This finding suggests a high likelihood of price increases.
However, the thoughts of the whales differ. Last week, the supply of memecoins held by top addresses decreased—this is a sign of whale selling pressure.
Therefore, we looked at PEPE's daily chart to see what the market indicators revealed.
We have observed an upward trend in the Relative Strength Index (RSI), indicating that buying pressure is increasing. This helps sustain the momentum that memecoin has recently gained on the price chart.
Nevertheless, it is still too early to say anything with certainty. The situation is such that the technical indicator MACD shows a clear bearish advantage in the market. Moreover, this could lead to another price correction in the coming days.
