Will PEPE Rise Further in the Remaining Few Days of This Year?

PEPE's price has risen considerably over the last week, which was backed by a rise in trading volume. Generally, a rise in volume amidst a bull rally

Memecoin PEPE has displayed an impressive performance over the last seven days, with an 8% rise in value. At press time, the memecoin was trading at $0.00001855 with a market capitalization of $7.88 billion. This made PEPE the 24th largest cryptocurrency.

While the coin’s price gained bullish momentum, so did the buying pressure around it. As per Hyblock Capital’s data, PEPE’s buy volume reached 78 on the 29th of December. For the uninitiated, a value closer to 100 indicates high buying pressure on a token, which often pushes prices up.

Source: Hyblock Capital

Now, let’s take a look at other metrics to assess the likelihood of the memecoin continuing its upward momentum in the coming days.

As per our analysis of Santiment’s data, the memecoin’s network growth started to increase following a dip. This indicated that more new addresses were being created to transfer the token.

The memecoin’s MVRV ratio registered a slight increase, indicating that the market cap had increased in relation to the realized cap.

Apart from that, the big-pocketed players in the market were showing confidence in PEPE. This was evident from the rise in the supply held by whales in the last seven days.

Source: Santiment

The fact that investors were buying the memecoin was further proven by the Relative Strength Index (RSI), which rose. However, not everything was working in the memecoin’s favor.

For instance, PEPE’s MA Cross indicator revealed a bearish upper hand in the market, as the 21-day MA was above the 9-day MA.

Source: TradingView

Going forward, we then checked the memecoion’s liquidation heatmap to look for possible targets and support zones in the near term.

As per our analysis, if the memecoin’s price continues to rise, then it might soon retouch the $0.0000191 mark.

However, if the trend changes as PEPE falls victim to a price correction, the memecoin’s price might plummet to $0.0000181.

Source: Coinglass