A look at PEPE’s 4-hour chart revealed that the bears clearly had an advantage. The MACD’s data suggested that bulls were nowhere close to bears. Moreover, the 20-day Exponential Moving Average was resting below the 55-day EMA.
However, both the Relative Strength Index and Money Flow Index were both in oversold zones, which could increase buying pressure over the coming days.Metrics suggested that the coin was still under selling pressure. ’s supply on exchanges increased substantially while its supply outside of exchanges declined. However, investors still had high hopes as the total number of holders remained stable over the last seven days.The memecoin’s MVRV Ratio also plummeted sharply. This decreased the chances of a sudden northbound price movement.
However, it was interesting to note that despite the massively bearish price action, positive sentiment around PEPE increased in the last seven days.