Whales 🐳 buy PEPE
PEPE's trading volume increased while its price increased.
In case the price rises, the note price may touch $0.0000191 again.
The price of pepe’s has been rising significantly over the past week, which has been supported by high trading volume. Generally, high volume amidst a bull rally serves as the basis for price increases.
So, will PEPE grow further in the few remaining days of this year?
PEPE to rise more?
Over the past seven days, the note has shown promising performance as it has increased in value by more than 8%.
At the time of writing, the note is trading at $0.00001855 with a market cap of over $7.88 billion, making it the twenty-fourth most valuable cryptocurrency. Meanwhile, PEPE’s trading volume has been increasing.
While the price of the coin gained upward momentum, the buying pressure around it also increased.
According to Hyblock Capital data, PEPE buying volume reached 78 on December 29. For the uninitiated, a value closer to 100 indicates high buying pressure on the token, which often leads to price increases.
Increase PEPE purchase volume
Source: Hyblock Capital
What other metrics suggest
AMBCrypto then evaluated other data sets to see if the bullish momentum of the notes is likely to continue in the coming days.
According to our analysis of Santiment data, the growth of the memecoin network started to increase after the decline. This indicates that more new addresses were created to transfer the token.
The MVRV ratio for the notes registered a slight increase, indicating that the market cap has increased relative to the maximum realized.
Apart from this, the big pocket players in the market have been showing confidence in PEPE. This has been evident from the high supply held by whales in the past seven days.
Increased PEPE supply held by whales
Source: Santiment
The RSI, which was rising, proved the fact that investors were buying the note. However, not everything was working in the note’s favor.
For example, the MA Cross indicator for PEPE revealed the bearish upper hand in the market, as the 21-day MA was above the 9-day MA.
Source: TradingView
Moving forward, we examine the note filter heat map to look for potential targets and near-term support areas.
According to our analysis, if the note price continues to rise, it may soon revise to $0.0000191 mark.
However, if the trend changes as PEPE falls victim to a price correction, the note price may drop to $0.0000181.