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Pepe (PEPE) recently experienced a significant 32.6% drop in price, falling from its peak of $0.00001724 to $0.00001131. The popular altcoin PEPE has pulled back to the convergence point at the $0.00001131 support level. This is also a rising trend line support that has been retested several times in the past two months.
Is It Time to Buy PEPE?
The pullback may offer a potential buying opportunity for investors looking to position themselves for the next rally. At the time of writing, PEPE was valued at $0.00001264, showing a 3.17% increase in the last 24 hours and a 16.74% decrease in the last 7 days, according to data from 21milyon.com.
The market cap increased by 3.17% to $5.3 billion in the last 24 hours, while the market volume dropped by 35.8% to $860 million. PEPE has seen an increase in daily active addresses and transaction volumes in the past few weeks. This could indicate a potential bullish rally. The number of active addresses showed several sudden spikes, exceeding 200,000 active addresses within a 24-hour period.
Santiment’s PEPE Report
Additionally, the crypto analytics company Santiment analyzed the daily on-chain transaction volume profit/loss ratio. The data was predominantly profit-focused, indicating increased user activity and potential accumulation. The daily PEPE/USD chart also revealed that the recent pullback found support along a rising trend line, suggesting that the uptrend might continue soon.
The stochastic relative strength index (RSI) was in the oversold region, potentially indicating a price reversal. Moreover, the MACD histogram crossed above the signal line, suggesting a potential bullish trend. PEPE’s current decline may offer a buying opportunity. The increase in active addresses and transaction volumes provided a strong bullish signal.
