Are PEPE’s ghosts of Christmas past finally disappearing?
- PEPE’s price was up by more than 4% in the last 24 hours.
- Most metrics and market indicators were bullish on the memecoin.
Pepe [PEPE] has returned to the limelight following a major drop in price and market capitalization. The memecoin showed a major bullish signal, which could help it regain the market cap that it lost over the past few months.
PEPE’s might recover soon
PEPE is one of those infamous memecoins that has witnessed multiple ups and downs in its journey since its inception. It even managed to once cross the $1 billion mark in terms of market capitalization, but it swiftly shed its value.
The downtrend made it the talk of the town as investors started to sell their holdings in the recent past.
However, things have now changed as a major bullish indicator turned in PEPE’s favor. As per LunarCrush’s data, the memecoin’s Galaxy Score was only second to that of Bitcoin [BTC], suggesting that the memecoin might soon kickstart a bull rally.
In fact, the memecoin’s bulls had already entered the market as its daily chart turned green. According to CoinMarketCap, the coin was up by more than 4% in the last 24 hours. At press time, it was trading at $0.0000006755 with a market cap of over $264 million.
A look at the memecoin’s metrics revealed what was supporting the surge. Selling pressure on the coin has dropped in the recent past, as evident from the spikes in its Exchange Outflow.
On top of that, the memecoin’s Supply outside of Exchanges flipped its supply on exchanges on 15 October. But the whales’ confidence in PEPE was low as its supply held by top addresses dropped slightly last week.
A lack of confidence in PEPE in the broader crypto market was also evident as positive sentiment around PEPE dropped last week. Surprisingly, despite the aforementioned negative metrics, the Total Amount of Holders registered an increase.
Another bullish signal was the memecoin’s MVRV Ratio, which improved in recent days
Will PEPE maintain the pump?
PEPE’s Money Flow Index (MFI) entered the oversold zone at press time, which could further increase buying pressure. The coin’s Relative Strength Index (RSI) also registered an uptick, increasing the chances of a continued northward price movement.
But the Chaikin Money Flow (CMF) was bearish at press time, as it went down slightly.
