PEPPE Although the last days of last month and the first period of this month indicate a real collapse on behalf of, it should be noted that the price has still experienced a 25% increase in the last period. In addition, the upward momentum that has formed specifically for meme coins seems to be gradually disappearing in the last 24 hours, which has brought question marks about the continuity of the recent price rally. According to several reviews made by looking at on-chain data, it may not be as easy as it seems for PEPE to maintain its upward momentum.
Pepe Coin Comment
One of the important metrics that shows the situation experienced by Pepe is the Average Dollar Investment Age (MDIA), which tracks the average time a cryptocurrency is in the same wallet. When there is an increase in the MDIA indicator, it is seen that the same tokens are kept in the same wallet by the owners. On the contrary, a decreasing MDIA reveals that the wallets that were previously inactive are now active again. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The first mentioned situation 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 seen as 42.30. As of press time, this value appeared to be falling, reflecting a more active circulation and a potential price drop.
On the other hand, the trading volume in PEPE was also seen to have decreased and currently remains at $613.26 million. In general, an increase in volume along with a rising price supports the uptrend.
However, when volume drops after a noticeable price increase, this suggests that the uptrend may not continue.
How Many Dollars is PEPE?
In the examination made by looking at the daily chart, PEPE’s The price appears to be facing resistance at the 50-day Exponential Moving Average (EMA) shown in yellow. The EMA is known for revealing the direction of a cryptocurrency’s trend. Currently, the meme coin is trading slightly below this level, which could 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 that appeared on PEPE, it can be thought that the price is also facing the possibility of falling below this short-term line.
In addition, the fact that the token has not yet broken the descending triangle formation brings with it another question mark. Depending on the continuation of this situation, the frog-themed meme coin may be bearish, with its next target being the $0.0000077 level.
If the trend resumes its upward movement, the PEPE price may rise to $0.0000098 again, which may indicate that the price has reached $0.00001 again.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
