Pepe Coin price rebounds: Is the crash over?
Release: 2024/12/25 01:24 Reading: 996
Surge in Pepe Coin Price Amidst Cryptocurrency Rally
Amidst the "Santa Claus" rally on Christmas Eve, Pepe (PEPE), the third-largest meme coin, witnessed a significant surge in a high-volume environment. Investors seized the opportunity created by the recent dip, contributing to the rally.
This upswing coincided with a jump in Bitcoin's (BTC) price to $98,500 and an increase in the crypto fear and greed index toward the "greed" zone.
Market-Wide Recovery
A broader cryptocurrency market rally was evident, with the total market capitalization of all coins tracked by CoinGecko reaching a peak of $3.60 trillion.
Pepe Coin Performance
Pepe recorded a 24-hour trading volume of $2.2 billion, while its futures open interest escalated for the third consecutive day, reaching $151 million—the highest since December 30.
An important factor contributing to the surge was Pepe's undervalued status, indicated by its Market Value to Realized Value (MVRV) ratio. This indicator suggests that Pepe was at its most oversold level since November 5.
Contrarian Indicators
Further support for Pepe's rebound comes from signs of speculation capitulation. Active, new, and zero-balance addresses have declined by over 20% in the last seven days.
Additionally, the active addresses ratio has fallen to 1.34%, its lowest point in over a month. Historical data indicates that Pepe price breakouts often occur during periods of decreasing ratios.
Technical Analysis
Analysis of the daily chart reveals that Pepe's price reached a peak of $0.00002830 earlier in December before experiencing a sharp reversal. It broke below the crucial support level of $0.00001713, signaling a potential continuation pattern.
While Pepe remains above its 100-day moving average, it is attempting to surpass the 50-day MA.
Cautious Outlook
Despite the rally, it is important to note that the rebound may represent a "dead cat bounce" or a part of a bearish flag formation, suggesting a potential resumption of the downward trend. A decisive breakout will be confirmed when Pepe surpasses the psychological resistance at $0.000025.
Disclaimer: This article is not financial advice, and its content is intended for educational purposes only.
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