The cryptocurrency PEPE, which has been discussed for the past several weeks, shown a recovery trend towards the week’s end.
Despite declining 30% on Monday, the cryptocurrency PEPE, which has been off the radar in recent weeks, began to surge once more near the weekend. The joke-themed coin’s market value peaked at $ 2 billion, but as of this now, it is only $ 700 million. In this article, we will review PEPE‘s current technical view and initial on-chain data.
Access to Stock Exchanges Rises
The cryptocurrency with a comedy theme has recovered over the past three days, giving investors hope. On-chain measures, however, suggested that a fresh selling push would start in the future.
Data from the on-chain tracking tool Glassnode show that PEPE has kept entering exchanges since May 5 until now.
Most cryptocurrency analysts state that the increased stock market entries are for selling objectives. But if there are fewer tokens available on the exchanges, it means that medium-term investors have shifted to cold wallets.
The MVRV rate, another indicator on the graph, is still positive at 19%. The unrealized profit rate of investors relative to the market is measured by MVRV data.
However, Cryptoquant analysts recently noted that it is quite unlikely for the rebound to be as large as it was in the past. PEPE may have an upward rally, depending on the market.
The prank-themed coin has been available on significant exchanges for two weeks. As a result, dependable support and resistance levels for technical analysis eventually began to materialize.
According to the statistics, PEPE, which was rejected at the $.20800 barrier, rebounded during the course of the week with support at $.19120. The following objective might be $.23700 if the resistance level is broken.
The price of $PEPE is now around $.19250.
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