Popular memecoin PEPE, which trades on the Ethereum blockchain, has surged nearly 30% from its bottom on December 20.$PEPE
PEPE experienced a 33% drop between December 18 and December 20. During this period, PEPE fell to $ 0.00001441, setting this level as a potential bottom. As the Bitcoin (BTC) price began to recover, PEPE gained momentum from $ 0.00001441.
AMBCrypto examined PEPE’s price action over the past 24 hours and highlighted the possibility of a continued rise.
PEPE experienced a major price correction last week. According to AMBCrypto’s analysis, PEPE’s metrics have started to trend positive as it shows signs of recovery after the correction.
A 39% increase in PEPE’s trading volume was observed. This increase was interpreted as a bullish signal in the analysis.
It was stated that the outflows from central exchanges increased and the volume approached $ 5 billion. According to Santiment’s data, the buying interest in PEPE has increased recently. AMBCrypto made the following assessment:
“Increasing buying pressure increases confidence in the token, which leads to higher prices.”
In addition to the buying pressure, the fear and greed index also gave an upward signal. According to the analysis, PEPE reached the "extreme fear" region with a value of 24%, while it was stated that the selling pressure was over.
However, despite the positive data, whales were observed to be selling PEPEs. AMBCrypto pointed out that this situation could create selling pressure.
In the analysis, it was stated that the Relative Strength Index (RSI) increased, indicating an increase in buying appetite.
