In the world of cryptocurrency, PEPE Coin is making waves. Despite a recent dip in volume, market indicators and metrics remain bullish on PEPE Coin. Data from LunarCrush has revealed some intriguing insights about PEPE Coin, suggesting a potential upward swing in the token’s price. But is the daily chart’s red hue a cause for concern, or is there a silver lining for PEPE Coin’s bullish future?
The Reality of PEPE Coin’s Market Cap
PEPE Coin’s market cap, when viewed in terms of Bitcoin, paints an interesting picture. According to LunarCrush, PEPE Coin has topped the list of cryptocurrencies in terms of Galaxy Score, a typical bullish signal. This suggests that PEPE Coin’s price could turn bullish soon.
However, the reality is yet to catch up. PEPE Coin’s price has seen a slight decline of over 1% in recent hours. As per CoinMarketCap, PEPE Coin is currently trading at $0.000001743, boasting a market capitalization of over $683 million, making it the 63rd largest crypto.
Bullish Narrative: Are Metrics in Agreement?
PEPE Coin’s supply distribution also hints at a bullish future. The token’s supply on exchanges has seen a decline, while its supply outside of exchanges has increased, indicating higher accumulation. PEPE Coin’s Market Value to Realized Value (MVRV) Ratio is also on the rise.
Moreover, PEPE Coin’s recent price drop was accompanied by a decline in trading volume, which is a positive sign.
PEPE Coin’s Social Standing
PEPE Coin’s social volume remains stable, reflecting its popularity in the crypto community. The positive sentiment around PEPE Coin is also dominant in the market, as evident from the rise in its weighted sentiment.
What Should Investors Expect?
PEPE Coin’s daily chart indicates that the bulls have taken over the market. This is evident from the bullish crossover shown by the Exponential Moving Average (EMA) Ribbon. The Moving Average Convergence Divergence (MACD) indicator and its Relative Strength Index (RSI) also look bullish.
However, the Money Flow Index (MFI) is nearing the overbought zone, which could increase selling pressure on PEPE Coin if it enters this zone.