PEPE experienced a remarkable rise, climbing more than 50% in 24 hours, only to face a subsequent correction that erased half of its gains.

Despite this impressive rally, bearish sentiment around PEPE has intensified, fueled by indicators suggesting a potential end to the uptrend.

As PEPE reclaimed $1 billion in market capitalization during its recent price surge, AMBCrypto looked at its current status to assess the sustainability of the trend.

Bullish Rally Overview:

The price of PEPE has skyrocketed over the past day, increasing by more than 50%, according to data from CoinMarketCap. However, the meme coin saw a slight correction after reaching this milestone.

At the time of reporting, PEPE was trading at $0.000002661 with a market capitalization above $1.12 billion, ranking it the 74th largest cryptocurrency.

This rise has sparked renewed interest in the heart of the crypto community, reflected by the increase in social volume. Nonetheless, despite the price surge, bearish sentiment increased, as evidenced by the sharp drop in weighted sentiment on February 27.

Potential end of uptrend:

Various measures have painted a bearish picture of the PEPE. Despite the price surge, investors began to dump their holdings, with supply on exchanges increasing while supply off exchanges decreasing, indicating significant selling pressure.

Whale activity remained high, but top addresses were actively selling their holdings. This burst of selling pressure could halt PEPE's bullish rally, especially with its MVRV ratio above 50%, often signaling an impending price correction.

Technical indicators:

A closer look at the PEPE daily chart revealed some worrying signs. The meme coin's price touched the upper boundary of the Bollinger band, while its relative strength index (RSI) entered the overbought zone, indicating potential increased selling pressure and subsequent price decline.

However, amid these bearish signals, the MACD offered a glimmer of hope, indicating bullish market sentiment.

$PEPE

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