PEPE saw large price corrections during the last week, resulting in the memecoin losing a significant portion of its market capitalization.
The good news is that Memecoin’s daily chart has turned green, indicating the cryptocurrency’s eventual comeback. Is there a new bullish signal here?
PEPE is ready for recovery
Concurring to information from CoinMarketCap, Memecoin’s cost has dropped by 6% in the final seven days. The coin actually fell to $0.0000106, which is the lowest value since last week.
However, Memecoin began to develop bullish momentum, with its value rising by more than 2% in the last 24 hours. PEPE was trading at $0.00001194 as of writing, with a market capitalization of more than $5.02 billion, making it the 23rd largest cryptocurrency.
Additionally, the recent price surge helped the Memecoin break a crucial resistance level.
A check of the memecoin’s 12-hour chart by AMBCrypto shows that it successfully broke above $0.000012. However, at press time, it was trading slightly below that target.
This success looks promising, and if PEPE manages to maintain its momentum and surpass this target once again, it could lead to a full recovery.
If that occurs, investors may see PEPE retest its all-time high in the coming weeks.
Source: TradingView
Will PEPE rise?
Since PEPE’s price fell after breaking over the resistance, AMBCrypto decided to examine its metrics to see if they indicated a bull rally.
Based on the surge in memecoin’s exchange outflows over the past week, we observed that there was strong buying demand for the cryptocurrency.
In addition, PEPE’s supply outside of exchange climbed on June 16th, while its supply on exchange decreased. Additionally, it implied that investors were purchasing Memecoin.
Additionally, the memecoin’s MVRV ratio increased marginally after the drop on June 14, indicating bullish momentum.
Source: Santiment
Moreover, the weighted sentiment of Memecoin has improved recently. In other words, the bullish sentiment of the Memecoin improved.
However, its social volume decreased, indicating a loss in popularity.
Source: Santiment
According to AMBCrypto research from Hyblock Capital data, if the market does indeed turn bullish, then PEPE could soon reach $0.0000139 as liquidations will increase at that point.
An increase in liquidations usually leads to a price correction that is only temporary.
If PEPE breaks above that level, it may be able to scale new heights. However, if PEPE bears take a step further, it would not be shocking to see the Memecoin fall to $0.000009.
Source: Hyblock Capital
