PEPE, the popular memecoin on the Ethereum blockchain, is up nearly 30 percent from its lows made on December 20.
PEPE recorded a 33% decline between December 18 and December 20. After the aforementioned decline, PEPE fell to $0.00001441, creating a potential low. The popular memecoin jumped from $0.00001441 as Bitcoin (BTC) price recovered.
AMBCrypto analyzed PEPE price movements over the past 24 hours. The analysis emphasized that the potential increase could continue.
PEPE shows a positive outlook.
PEPE had a big price correction last week. According to AMBCrypto’s analysis, metrics turned positive in PEPE, which showed signs of recovery after the correction in question.
PEPE saw a 39% increase in transaction volume. The analysis suggested that the increase in trading volume was a bullish signal.
While outflows from the main exchange increased, it is notable that volume reached $5 billion. According to Sentiment data, buying pressure on PEPE has started to increase recently.
AMBCrypto used the following statements;
“As buying pressure increases, confidence in a token increases, which in turn increases the value.”
Apart from buying pressure, fear and greed indices also signaled bullishness. According to the analysis, selling pressure ended in PEPE, which reached the stage of “extreme fear” with a value of 24 percent.
Despite the positive data, whales were observed selling the PEPE they had. AMBCrypto warned that the wheel could generate selling pressure.
The analysis noted that the Relative Strength Index (RSI) is rising, indicating buying appetite.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
