PEPE (Pepe Coin) makes a strong rebound, will $0.0000191 be the starting point for this memecoin to soar?

In the past week, memecoins have shone brightly, with values rising over 8%.

As of the time of writing, the trading price of the memecoin is $0.00001855, with a market cap exceeding $7.88 billion, ranking it 24th in cryptocurrency. At the same time, PEPE's trading volume is on the rise.

With the token price gaining momentum, buying pressure has also increased. According to data from Hyblock Capital, the buying volume for PEPE reached 78 on December 29. Simply put, a value close to 100 indicates significant buying pressure, which often drives prices up.

Furthermore, AMBCrypto conducted an in-depth study of other data sets to assess the likelihood of the memecoin continuing its upward trend in the coming days.

Analysis of Santiment data reveals that the network expansion of the memecoin, which had been declining, is now showing signs of recovery. This means that the number of new addresses created for trading the token has increased.

The MVRV ratio of the memecoin has seen a slight increase, indicating that its market value has grown relative to its realized value.

Investors' purchasing situation for the memecoin has been further corroborated by the rise in the Relative Strength Index (RSI). However, the outlook for the memecoin is not entirely bright.

Take the MA Cross indicator for PEPE, for example; because the 21-day moving average is above the 9-day moving average, this indicates that the current market is in a dominant bearish trend.

Analysis shows that if the price of the memecoin continues to rise, it may soon challenge the $0.0000191 mark.

But if the trend suddenly changes, PEPE could become the 'cannon fodder' for price adjustments, and the memecoin price might plummet to $0.0000181.