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PEPE price significantly dropped from its all-time high towards the end of May. The memecoin is now trying to recover these losses with the help of investors. PEPE trading at $0.00001163 indicates it is above a significant resistance level, suggesting a potential change in its movement. This can also be seen in the Chaikin Money Flow (CMF) revival above 0, indicating a significant increase in buying pressure.
What’s Happening with Pepe?
This data, which measures the accumulation and distribution over a certain period, shows that buyers are actively entering the market. The CMF data rising above zero means the buying volume exceeds the selling volume, reflecting a bullish trend among investors.
In addition to the increase in CMF, there is also a notable change in the short-term PEPE token supply. These tokens are moving to the wallets of medium-term holders. Approximately 7% of the short-term supply is now held by medium-term investors.
This movement indicates that investors who initially held the tokens for shorter periods are now extending their holding periods. The transfer of tokens from short-term to medium-term holders generally signals increased confidence in the asset’s future performance and a commitment to hold it longer.
This change in investor behavior is a strong indicator of market belief. When investors move tokens to longer-term storage, they demonstrate their faith in the asset’s future gain potential. This behavior can immediately reduce selling pressure, contribute to price stability, and potentially encourage a bullish trend. The transition to a medium-term process can be seen as a vote of confidence.
Pepe Chart Analysis
Trading at $0.00001163, PEPE is currently trying to reclaim support at $0.00001146. This could enable a rise to the next critical resistance level of $0.00001369 for the memecoin.
The mentioned factors suggest this outcome is possible if the bullish trend among investors continues, but if the breach fails, PEPE price could drop back to $0.00001007. Even if there is no break below this support, $0.00001146 could form a consolidation zone for PEPE, invalidating the bullish thesis.
