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PEPE experienced a significant drop at the end of last month and the beginning of this month, but its price has still increased by 25% recently. However, the upward momentum in the meme coin seems to be fading over the past 24 hours, raising questions about the sustainability of the recent price rally. On-chain data analysis suggests that maintaining PEPE’s upward momentum may not be as easy as anticipated.
Pepe Coin Analysis
One important metric indicating the situation with Pepe is the Mean Dollar Invested Age (MDIA), which tracks the average time a cryptocurrency remains in the same wallet. An increase in MDIA suggests that the same tokens are being held in the same wallet by their owners. Conversely, a decreasing MDIA indicates that previously inactive wallets are now becoming active again.
The first scenario for MDIA is considered a bullish sign, while the second is a bearish sign. According to data provided by Santiment, PEPE’s 90-day MDIA value was 42.30. At the time of writing, this value had decreased, reflecting more active circulation and a potential price decline.
Additionally, PEPE’s trading volume has also decreased and currently remains at 613.26 million dollars. Generally, an increasing volume along with a rising price supports an upward trend.
However, when the volume decreases after a noticeable price increase, it suggests that the upward trend may not continue.
How Much Will PEPE Be Worth?
An analysis of the daily chart shows that PEPE’s price appears to be encountering resistance at the 50-day Exponential Moving Average (EMA) zone, shown in yellow. EMA is known for indicating the trend direction of a cryptocurrency. Currently, the meme coin is trading slightly below this level, which can be interpreted as a potential bearish outlook.
On the other hand, the price continues to trade above the 20-day EMA (blue). Considering the recent red candlesticks in PEPE, it is possible that the price might fall below this short-term trend line.
Moreover, the token’s inability to break the descending triangle formation raises another question mark. If this situation persists, the frog-themed meme coin could target a downward level of 0.0000077 dollars.
If the trend resumes its upward movement, PEPE price could rise again to 0.0000098 dollars, indicating a potential increase to 0.00001 dollars.
