PEPE (PEPE) Price Prediction 2023-2024: Will the Memecoin Recover?

PEPE fell victim to a major price correction over the past week. However, the memecoin has been showing signs of recovery in the last 24 hours or so, with the same supported by a key metric too.

Memecoin PEPE fell victim to a major price correction last week, but has been showing signs of recovery in the last 24 hours.

The memecoin’s price dropped by over 20% in just 7 days, but it managed to push its value up by over 10% in the last 24 hours. At the time of writing, PEPE was trading at $0.00001876.

As the memecoin pushed its price up, its trading volume also rose by 39%, exceeding $5 billion. Whenever trading volume increases along with the price, it indicates a higher probability of the bull run continuing.

It is interesting to note that memecoins, which are fueled by market hype and trends, are usually the worst hit during price corrections.

On the other hand, they also rally impressively when the market conditions turn bullish. Does this mean PEPE is set for a massive bull rally though?

According to Santiment’s data, buying pressure on PEPE has been rising lately. This was evidenced by the recent uptick in its supply outside of exchanges and a drop in its supply on exchanges. A hike in buying pressure indicates confidence in a token, which typically results in price hikes.

Additionally, the fear and greed index had a value of 24% at press time, meaning that the market was in an “extreme fear” phase. This finding suggested that the chances of a price hike were high.

However, whales were thinking differently. The memecoin’s supply held by top addresses dropped last week—A sign of selling pressure from whales.

Therefore, we checked PEPE’s daily chart to see what market indicators revealed.

We found that the Relative Strength Index (RSI) registered an uptick, indicating rising buying pressure. This can contribute to sustaining the memecoin’s recently gained momentum on the price charts.

Nonetheless, nothing can be said with utmost certainty. This was the case as the technical indicator, MACD, flashed a clear bearish advantage in the market. And, this can result in yet another price correction in the coming days.