๐ธ๐ฅ $PEPE Coin Price Rebounds: Is the Decline Over or Just a Dead Cat Bounce? ๐โก๏ธ๐
$PEPE Coin, the third-largest meme coin, has shown signs of life, rising 3.34% in the last 24 hours as investors jump in. But is this a true recovery or just a temporary uptick? Hereโs the latest on Pepe Coinโs performance:
๐ Highlights
โข Trading Volume Soars: Pepeโs 24-hour trading volume surged to $2.2 billion, while futures open interest hit $151 million, marking its highest level since December 30. ๐๐ฐ
โข MVRV-Z Score Insights: The market value-to-realized value (MVRV-Z score) has dropped to 1.28, signaling oversold conditions. Notably, this metric last aligned with such levels in November, which preceded a rally to its all-time high of $0.00002830. ๐๐
๐ Recent Price Action
โข Key Support Broken: $PEPE fell below the critical support level of $0.00001713, part of the cup-and-handle pattern formed between May and November.
โข Mixed Momentum: Despite the drop, the coin is holding above its 100-day moving average and is testing its 50-day MA. These indicators suggest a tug-of-war between bulls and bears. ๐๐
๐ On-Chain Metrics
โข Address Activity Declines: Over the past week, active, new, and zero-balance addresses dropped by more than 20%.
โข Active Address Ratio Dips: The ratio now stands at 1.34%, its lowest in over a month, which could indicate a potential breakout is near. ๐ ๏ธ๐พ
โ ๏ธ Bearish Concerns
โข Dead Bounce or Rally? This recovery might just be a dead cat bounce or part of a bearish flag pattern, signaling further downside risk after the Christmas rally. ๐ ๐
โข Key Resistance Ahead: A confirmed bullish breakout requires Pepe to surpass the psychological barrier of $0.000025. ๐ฆ
๐ข Summary
Pepe Coin is showing signs of a potential rebound, but the market remains on edge. Investors should watch for a decisive move above critical resistance levels to confirm a sustained rally. Until then, the risk of further downside lingers. ๐ธ๐ฅ
