Pepe (PEPE) recently experienced a significant price drop, causing it to fall out of the top 100 cryptocurrencies list. However, in the past few days, there has been a clear turnaround in favor of the memecoin. Increasing buying pressure on the cryptocurrency suggests that its price could further rise.
The Future of Pepe Coin
A few weeks ago, PEPE lost a significant portion of its market value following recent events, raising concerns about the existence and viability of the memecoin. However, things quickly changed. In particular, Lookonchain’s tweet on September 29th showed investors that two new wallets had spent a total of $801,000 to purchase 1.08 trillion PEPE, clearly indicating that investors still have faith in the memecoin and expect it to recover in the coming days.
When examining Santiment’s data once again, it becomes evident that there is high buying pressure on PEPE, as evidenced by the sudden increase in trading volume. This becomes even more apparent when the supply is controlled.
While the supply of the cryptocurrency on exchanges clearly decreased last week, the supply outside of exchanges increased. Surprisingly, despite high investor confidence in the memecoin, the decrease in supply held by whales last week raised ongoing doubts.
PEPE Price Analysis
The increase in buying pressure is already beginning to impact the price movement of the cryptocurrency. According to 21milyon.com, PEPE has experienced an increase of over 10% in the past 24 hours alone. At the time of writing, the memecoin was trading at $0.000000807 with a market cap of over $316 million.
As a positive sign, the increase in trading volume has accompanied the upward trend, which plays a fundamental role in the rise. However, when looking at the daily chart of PEPE, it becomes clearer whether the memecoin can sustain this momentum.
MACD appeared more favorable for buyers as it showed an upward trend. Both Chaikin Money Flow (CMF) and Relative Strength Index (RSI) of PEPE showed upward momentum, further increasing the chances of a continued upward trend. However, the Money Flow Index (MFI) of the memecoin appeared to be nearing overbought territory, which could bring selling pressure in the coming days.
