PEPE had the highest Galaxy Score as of 4 July. This could be taken as a strong indication that PEPE could enter another bull rally.
- PEPE’s volume declined when it witnessed its latest price correction
- Market indicators and metrics remained bullish on PEPE
LunarCrush, a data platform, provided information suggesting that the price of Pepecoin (PEPE) could increase. However, when looking at the daily chart of PEPE, the price was actually going down (painted red).
It is difficult to say for certain whether the price of PEPE will turn bullish (go up) in the coming days. The cryptocurrency market is highly unpredictable, and many factors can influence price movements. It’s important to be cautious and remember that investing in cryptocurrencies carries risks.
PEPE to turn bullish again?
LunarCrush’s data indicated that Pepecoin (PEPE) had the highest Galaxy Score among cryptocurrencies. The Galaxy Score is seen as a positive signal for potential price increases, suggesting that PEPE’s price could turn bullish in the near future.
However, despite this information, the current reality is that PEPE’s price has actually decreased by more than 1% in recent hours. According to CoinMarketCap, at the time of writing, PEPE was trading at $0.000001743 with a market capitalization exceeding $683 million. This ranking makes it the 63rd-largest cryptocurrency.
TOP 15 coins by @LunarCRUSH Galaxy Score
Galaxy Score is a proprietary score that is constantly measuring crypto against itself with respect to the community metrics pulled in from across the web$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?
The distribution of PEPE’s token supply provided a bullish indication. The supply of tokens held on exchanges decreased, while the supply held outside of exchanges increased. This pattern suggests ongoing accumulation of the token. Additionally, PEPE’s Market Value to Realized Value (MVRV) Ratio showed a significant increase, which further supports a bullish sentiment.
Moreover, the recent price drop of PEPE was accompanied by a decline in trading volume. This decrease in trading volume can be seen as an optimistic sign, as it suggests that the selling pressure may be diminishing.
Source: Santiment
In addition to the other metrics, the social volume of PEPE, which measures the level of discussion and mentions of the token on social media platforms, remained stable. This indicates that PEPE continues to maintain its popularity within the crypto community.
Furthermore, the weighted sentiment around PEPE, which measures the overall positive or negative sentiment expressed in social media discussions, showed a rise. This suggests that there is a prevailing positive sentiment surrounding PEPE in the market.
Source: Santiment
This is what investors should expect
PEPE’s daily chart displayed a bullish trend, as indicated by the bullish crossover of the Exponential Moving Average (EMA) Ribbon. This suggests that the buying pressure has increased in the market.
The Moving Average Convergence Divergence (MACD) indicator also supported this bullish outlook. Additionally, the Relative Strength Index (RSI) showed a high value, indicating bullish momentum in the memecoin.
However, there was a reason for caution indicated by the Money Flow Index (MFI), which was nearing the overbought zone. If the MFI enters the overbought zone, it could signal increased selling pressure on PEPE.
Source: TradingView