During the past month, the growth momentum of Pepe (PEPE) has slowed down after experiencing a price increase. However, things quickly turned in favor of the meme token as its price reached double-digit figures in the last 24 hours. So, will the rise of this altcoin continue?
90% Increase in PEPE!
PEPE had an impressive rally last month and outperformed most cryptocurrencies by gaining over 90% in price. However, on November 8th, the price chart started to decline again, disappointing investors as it seemed to signal the end of the meme token’s bullish run. However, PEPE had other plans as its price gained momentum once again.
At the time of writing, it was trading above $0.000001344 with a market capitalization of over $560 million. Furthermore, a 40% increase in trading volume supported the price increase. It was emphasized that the possible reason for the price increase was that the meme token’s value was undervalued. Cryptolaxy tweeted about PEPE’s low valuation index of 4.2.
The low valuation index reveals whether the price at which a token is traded is actually the price it should be valued at. Therefore, the possibility of price increases can be considered likely. Additionally, Lookonchain’s tweet highlighted that a whale has already started accumulating PEPE.
Santiment Data!
According to Santiment, not only whales but also investors in general are stocking up on the meme token, as evidenced by the increase in the total holder count. Other metrics indicate that the upward trend may continue. For example, an increase in PEPE’s on-chain volume may indicate high buying pressure on the cryptocurrency.
Additionally, the MVRV ratio and network growth have increased in the past few days. Analysts examined the token’s daily chart to better understand which direction PEPE is heading in, despite the positive indicators. MACD in PEPE showed a bullish trend thanks to the recent price increase. The Relative Strength Index (RSI) is rising, increasing the likelihood of further growth. However, the Money Flow Index (MFI) is concerning as it has recorded a decline and is moving towards the neutral level of 50.
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