PEPE Registered Gains of Over 10% in the Last 24 Hours

Buying pressure seemed to be increasing too, hinting at a sustained price hike

PEPE fell victim to a major price correction over the past week. However, the memecoin has been showing signs of recovery in the last 24 hours, supported by a key metric too.

Is PEPE Recovering?

PEPE recorded a double-digit price drop over the past week, falling by over 20% in just 7 days. Nevertheless, the memecoin managed a recovery in the last 24 hours, pushing its value up by over 10%. At the time of writing, the memecoin was trading at $0.00001876.

The trading volume rose by 39%, exceeding $5 billion. Whenever trading volume increases along with the price, it indicates a high possibility of a continuing bull run.

Memecoins, often affected by market hype and trends, typically experience significant downturns during corrections. However, they also rally impressively when market conditions turn bullish. Could PEPE be on the brink of a massive bull rally?

What to Expect Going Forward?

According to Santiment’s data, buying pressure on PEPE has been rising recently. This is evidenced by an uptick in its supply outside of exchanges and a drop in supply on exchanges. Increased buying pressure signifies confidence in a token, usually leading to price hikes.

Additionally, the fear and greed index stood at 24% at press time, indicating the market was in an “extreme fear” phase, suggesting higher chances of a price increase.

However, whales were not overly optimistic. The supply held by top addresses dropped last week—indicative of selling pressure from whales.

To better understand, we analyzed PEPE’s daily chart for market indicators.

The Relative Strength Index (RSI) showed an uptick, indicating rising buying pressure, which could support the memecoin’s recently gained price momentum.

Read Pepe’s [PEPE] Price Prediction 2024–2025

Nonetheless, certainty remains elusive. This is particularly true as the technical indicator, MACD, signaled a clear bearish trend in the market, potentially leading to another price correction in the coming days.