PEPE’s road to recovery – A 10% hike, but will that be enough?

PEPE registered gains of over 10% in the last 24 hours
Buying pressure seemed to be increasing too, hinting at a sustained price hike

As a seasoned analyst with a penchant for deciphering market trends and patterns, I find myself intrigued by the recent performance of PEPE. The double-digit gain in just 24 hours is certainly noteworthy, especially considering its tumultuous past week. However, as someone who has witnessed the rollercoaster ride that is cryptocurrency, I would caution against reading too much into a single day’s performance.

Over the past week, PEPE experienced a significant drop in value. Yet, within the last day or two, there are indications that it’s bouncing back. This rebound is backed up not only by observations but also by an important statistical measure.

Consequently, AMBCrypto delved deeper to ascertain if this recent surge in price might lead to a complete market recovery.

Is PEPE recovering?

PEPE experienced a substantial decrease in price over the last week, with its worth dipping more than 20% within only 7 days. However, it showed signs of improvement during the past day by increasing in value by more than 10%. Currently, its trading value stands at $0.00001876.

As the memecoin’s value climbed, its trading activity surged by 39%, surpassing the $5 billion mark. When both the price and trading volume grow together, it often suggests a strong likelihood of the bullish trend persisting.

It’s worth pointing out that memecoins, driven by public excitement and trends, tend to take the brunt of losses when there’s a correction in prices.

Alternatively, they display impressive strength when market trends become optimistic (bullish). However, this doesn’t necessarily guarantee a large-scale bull rally for PEPE.

What to expect going forward?

As an analyst, I’ve noticed an increase in buying interest for PEPE tokens based on recent data from Santiment. This trend is suggested by the surge in the token’s off-exchange supply and a decrease in its exchange-held supply. A rise in buying pressure often reflects investor confidence, which historically tends to drive up prices.

Furthermore, the Fear & Greed Index stood at 24% as reported, indicating a state of “intense fear” among investors. This data implied that the likelihood of a price surge was significantly increased.

However, whales were thinking differently. The memecoin’s supply held by top addresses dropped last week—A sign of selling pressure from whales.

Therefore, we checked PEPE’s daily chart to see what market indicators revealed.

We found that the Relative Strength Index (RSI) registered an uptick, indicating rising buying pressure. This can contribute to sustaining the memecoin’s recently gained momentum on the price charts.

Read Pepe’s [PEPE] Price Prediction 2024–2025

Nonetheless, nothing can be said with utmost certainty. This was the case as the technical indicator, MACD, flashed a clear bearish advantage in the market. And, this can result in yet another price correction in the coming days.

2024-12-21 12:07

Is PEPE recovering?

What to expect going forward?

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