PEPE Coin, currently valued at US$0,00001260, has seen an 18% increase in the last 24 hours, potentially indicating a turnaround after weeks of decline.
The recent surge in price has led to the breach of a critical resistance level of $0,000012, hinting at a possible shift in its trajectory. This is further supported by the positive resurgence of Chaikin Money Flow (CMF), which has now risen above zero, signaling a significant increase in buying pressure.
The CMF analysis, a metric used to evaluate the flow of capital over a specific period, suggests a surge in buyer activity. A CMF above zero indicates a higher buying volume than selling volume, reflecting optimism among traders and investors in the cryptocurrency market.
Furthermore, there has been an interesting shift in the distribution of PEPE tokens. A substantial movement of token transfers to medium-term holders’ wallets has been observed. Approximately 7% of the supply previously held by short-term investors is now classified as medium-term, indicating a growing commitment from holders to the coin.
In terms of technical analysis and market sentiment, seasoned observers have identified encouraging trends. Renowned cryptocurrency analyst Bluntz noted that PEPE experienced “a nice 5-wave rise and ABC back,” suggesting a potential continuation of the uptrend. Additionally, ChartMonkey pointed out that the coin has broken out of a descending channel in shorter analysis periods, signaling the end of a correction and the beginning of a new bullish phase.
Moreover, Davie Satoshi highlighted that PEPE is currently testing the upper limit of its price channel. “We are seeing signs that it could break out soon, initiating another upward phase in the altcoin and meme coin rally,” he explained.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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