- PEPE’s price has gone up by 14% in the last week.
- Its key momentum indicators show increased demand for the meme coin.
Frog-themed Pepe [PEPE] has emerged as the top performer among leading meme assets over the past week, seeing more gains than Dogecoin [DOGE] and Shiba Inu [SHIB].
PEPE exchanged hands at $0.000001389 at press time, seeing a 14% price growth in the last seven days, according to data from CoinMarketCap.
DOGE and SHIB’s values dropped by 0.40% and 2%, respectively, during that period,
The double-digit surge in PEPE’s price during the period under review is due to an uptick in demand for the altcoin.
AMBCrypto found that the count of daily active and new addresses involved in PEPE trades has rallied in the last week.
According to data from Santiment, the daily count of addresses involved in PEPE transactions has risen by 34% in the last seven days.
Similarly, within the same period, the new demand for the meme coin has also grown.
Information from the same data provider showed that the number of new addresses created daily to trade PEPE has increased by 31%.
Source: Santiment
The bulls have it
AMBCrypto’s assessment of PEPE’s price movements on a daily chart revealed a significant presence of bullish sentiments in the token’s spot market.
At press time, the altcoin’s key momentum indicators were spotted near overbought highs.
PEPE’s Relative Strength Index (RSI) was 68.66, while its Money Flow Index (MFI) was 78.07. These values showed that token holders favored accumulation over distribution.
Further, an assessment of the token’s Moving Average Convergence Divergence (MACD) indicator confirmed that the bulls had market control at press time.
The MACD line was spotted above the trend line, and the indicator returned only green histogram bars as of this writing.
When an asset’s MACD indicator is set up in this manner, it suggests a rise in bullish momentum.
This crossover means that an asset’s short-term moving average is trending higher than the long-term moving average, signaling a potential for an upward price movement.
Additionally, PEPE’s positive directional index (green) rested above its negative directional index (red) at press time, indicating the strength of the current bullish trend.
Source: TradingView
Read Pepe’s [PEPE] Price Prediction 2024–25
However, readings from the token’s Bollinger Bands (BB) indicator hinted at the possibility of a slight correction in PEPE’s value. The altcoin’s price traded above the upper band of the BB indicator.
When an asset’s price trades like this, it often indicates that it is overbought in the short term, and buyers’ exhaustion may set in.
