Does PEPE Price Signal a Bull Market Return? Will September Bring Strong Gains?
PEPE has risen 3.74% in the previous 24 hours, contributing to a 3.21% meme coin growth.
PEPE may rise significantly this month after losing a lot of value.
PEPE has fallen 10.35% since last Friday, one of the worst-hit meme currencies. Today's increase represents a reversal.
PEPE's trading volume has maintained over $400 million in the previous 24 hours, indicating rising trader interest.
On-chain metrics indicate bull market return
The Market Value to Realized Value (MVRV) Long/Short Difference for PEPE decreased from 55% to 36% between August 24 and 31, according to Santiment on-chain data.
This drop suggests that short-term investors would benefit more than long-term holders at present pricing.
This tendency might indicate a bear market if it continues.
However, rising MVRV values indicate that long-term investors are making more money, which is optimistic.
PEPE's MVRV Long/Short Difference rose to 39.87%, suggesting a bull market.
If this tendency continues, PEPE may rebound from its recent fall.
Poor purchasing pressure, showing traders' caution, might hamper PEPE's rising momentum until higher demand materializes.
PEPE's Chaikin Money Flow (CMF) is also stuck at -0.06, trying to recover. This suggests continuous selling pressure, making price rallies difficult.
These factors hinder the PEPE price from rising above the 200EMA.
The MACD line and signal line are fighting for power in PEPE, suggesting that neither bulls nor bears have grabbed control.
In September, market mood may become optimistic due to expectations of a US Federal Reserve rate drop.
According to the CME's FedWatch Tool, 67% of traders forecast a 25 basis point easing, which might boost PEPE's price.
The $0.0000070 support level should be monitored in the coming days. If selling pressure increases, a drop below this level might lead to a further retracement to $0.0000063 or $0.000005.
