PEPE, a popular meme coin on the#Ethereumblockchain, has surged nearly 30 percent from the bottom it created on December 20.
PEPE dropped by 33 percent between December 18 and December 20. After the drop, $PEPE dropped to $0.00001441, creating a potential bottom. The popular meme coin bounced off $0.00001441 as the price of#Bitcoin($BTC) began to recover.
AMBCrypto analyzed the price movements of PEPE in the past 24 hours. The analysis confirmed that the potential rise is likely to continue.
PEPE made a major price correction last week. According to AMBCrypto analysis, PEPE, which showed signs of recovery after the correction, is showing positive results on the metrics.
A 39 percent increase in PEPE trading volume was observed. The analysis indicated that the increase in trading volume was a bullish signal.
While the exits from centralized exchanges increased, volumes reaching $5 billion attracted attention. According to Santiment data, buying pressure on $PEPE has recently started to increase.
AMBCrypto made the following statement; “As buying pressure increases, confidence in the token increases, leading to price increases.”
In addition to the buying pressure, the Fear and Greed Index also gave a bullish signal. According to the analysis, the selling pressure in PEPE has ended, which has reached the “extreme fear” stage with a value of 24 percent.
Despite the positive data, whales were seen selling their PEPE.#AMBCryptowarned that whales could create selling pressure.
The analysis stated that the Relative Strength Index (RSI) has risen, reflecting buying appetite.
