PEPE could see some serious bullish action if this indicator…
- PEPE’s volume declined when it witnessed its latest price correction
- Market indicators and metrics remained bullish on PEPE
LunarCrush’s data recently revealed some important data around Pepecoin [PEPE], which suggested that the token’s price could gain some upward momentum. However, the ground reality seemed to be different as PEPE’s daily chart was painted red. Are there any chances that the memecoin’s price turning will turn bullish in the coming days?
Realistic or not, here’s PEPE market cap in BTC‘s terms
PEPE to turn bullish again?
As per LunarCrush’s data, PEPE topped the list of cryptocurrencies in terms of Galaxy Score. The metric can be taken as a typical bullish signal, thus suggesting that the memecoin’s price can turn bullish soon.
However, things were yet to reflect in reality as PEPE’s price had declined by over 1% in the last hours. According to CoinMarkrtCap, at press time, PEPE was trading at $0.000001743 with a market capitalization of more than $683 million, making it the 63rd largest crypto.
TOP 15 coins by @LunarCRUSH Galaxy Score
Galaxy Score is a proprietary score that is constantly measuring crypto against itself with respect to the community metrics pulled in from across the web$PEPE #BNB $BNB $EGLD $SUSHI $FIL $SNX $CELO $FTT $ARB $LDO $GRT $BLUR $DEXE $FLOW… pic.twitter.com/ehBg7dnOEB
— ?? CryptoDiffer – StandWithUkraine ?? (@CryptoDiffer) July 3, 2023
Are metrics following the bullish narrative?
A look at the memecoin’s supply distribution also gave a bullish notion. The tokens supply on exchanges registered a decline while its supply outside of exchanges increased. This was a typical suggestion of ongoing higher accumulation. PEPE‘s Market Value to Realized Value (MVRV) Ratio was also substantially up.
Furthermore, PEPE latest price drop was accompanied by a decline in trading volume, which was also optimistic.
How much are 1,10,100 PEPEs worth today
Like the reset of the metrics, the memecoin’s social volume remained stable, reflecting its popularity in the crypto community. Positive sentiment around PEPE was also dominant in the market as evident from the rise in its weighted sentiment.
This is what investors should expect
PEPE’s daily chart showed that the bulls took over the market. This was evident from the bullish crossover shown by the Exponential Moving Average (EMA) Ribbon.
The Moving Average Convergence Divergence (MACD) indicator also agreed with the findings of the EMA Ribbon. Its Relative Strength Index (RSI) was also high, which looked bullish.
However, the Money Flow Index (MFI) gave a reason for concern as it was near the overbought zone. If the MFI enters the overbought zone, selling pressure on the memecoin might witness an increase.