Is PEPE ready for a comeback after last week’s drop?

PEPE Price Surges, Signaling Potential Recovery

Over the past 24 hours, PEPE has experienced a significant price increase of more than 2%, offering hope for recovery following recent corrections.

Despite a 6% drop in the past week, reaching a low of $0.0000106, PEPE's daily chart has finally turned green, indicating a positive trend reversal.

Currently trading at $0.00001194, PEPE has surpassed a key resistance level at $0.000012, suggesting a possible sustained upward momentum.

Metric Analysis

An analysis of PEPE's on-chain metrics reveals a surge in buying pressure, as evidenced by increased exchange outflows. Additionally, there has been a shift of PEPE supply from exchanges to external wallets, indicating investor accumulation.

The memecoin's MVRV ratio has also improved, suggesting bullish sentiment. The weighted sentiment has also risen, further supporting the positive outlook.

Potential Rally

If PEPE maintains its upward momentum, it could potentially reach $0.0000139, as liquidation would increase at that level. A successful breakout above this resistance could open doors for further price gains.

However, it's important to note that bearish pressure could still impact PEPE's price, potentially driving it down to $0.000009.

Overall, PEPE's recent price surge and positive metric readings indicate a potential recovery. Investors should monitor the coin's performance closely to assess its trajectory.