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Pepe (PEPE) made a significant impact in the middle of the season last month, bringing a seasonal liveliness to the market. The meme coin then experienced sharp declines due to the bear market conditions, disappointing its investors. As of today, PEPE still holds a good position in the market, and the market movements from last week seem to have pleased investors.
PEPE’s Price Situation
The frog-themed meme coin (PEPE), outperformed Dogecoin (DOGE) and Shiba Inu (SHIB) in gains last week, reaching the top of the meme coin market.
According to data provided by CoinMarketCap, PEPE was trading at $0.000001815 at the time of writing, representing an increase of over 30% in the last 24 hours. The increase was over 40% when considering the last 7 days. DOGE and SHIB were much weaker compared to PEPE.
The double-digit increase in PEPE’s price over the last 7 days is attributed to the increased demand for the altcoin. The number of daily active and new addresses transacting PEPE has risen last week.
According to data from Santiment, there has been a 34% increase in the number of daily addresses transacting PEPE in the last seven days. During this period, there was also a 31% increase in the number of addresses created for transactions.
Pepe and the Bulls’ Strength
As of the time of writing, the fundamental momentum in the altcoin generally indicated overbuying. PEPE’s Relative Strength Index (RSI) was pointing to 68.66, while the Money Flow Index (MFI) showed 78.07. These values suggest that investors holding the token prefer accumulating rather than selling.
Furthermore, the evaluation of the Moving Average Convergence Divergence (MACD) indicator specific to the token revealed that the bulls clearly took control of the market at the time of writing. The MACD line was also above the trend line.
On the other hand, PEPE’s positive directional index (green) was above its negative directional index (red) at the time of writing, which could be interpreted as a sign of the current upward trend.
Lastly, looking at the Bollinger Bands (BB) on the PEPE chart, there were expectations of a slight correction in PEPE’s value, but these may have been disproven for the time being. This was due to the meme coin’s price trading above the upper band of the BB indicator.
