Over the past 24 hours, the PEPE price has seen a notable 3.74% increase – contributing to a wider 3.21% growth among meme coins.
After shedding a large part of its value for some time, PEPE could be set for a significant price increase this month.
Indeed, today’s growth marks a turnaround from PEPE’s decline, down 10.35% since last Friday – one of the worst affected among notable meme coins over this period.
Trader interest in PEPE also seems to be picking up, as evidenced by the meme coin’s trading volume, which has remained steady above $400 million in the last 24 hours.
On-Chain Metrics Show Signs of Bull Market Return
According to on-chain data from Santiment, the Market Value to Realized Value (MVRV) Long/Short Difference for PEPE dropped from 55% to 36% between August 24 and 31.
This decline indicates that short-term holders would realize more profits than long-term holders if they sold at current prices.
When this trend persists, it can signal a shift toward a bear market.
Conversely, increasing MVRV values suggest that long-term holders are realizing more profits, which is often a bullish signal.
For PEPE, the MVRV Long/Short Difference recently turned up to 39.87%, indicating a potential shift back toward a bull market.
If this trend continues, PEPE could see another round of bullish momentum, signaling a possible recovery after its recent downturn.
Pepe Price Analysis – Will September See a PEPE Surge?
While promising, this recovery may not unfold right away, as the PEPE chart still shows significant obstacles to a breakout.
PEPE / USDT 1D Chart. Source: Binance.Most notably, the Relative Strength Index (RSI) remains subdued below the neutral line, currently at 40, suggesting that while the asset isn’t deeply oversold, it still leans bearish.
This indicates weak buying pressure, reflecting cautious sentiment among traders, which could hinder PEPE’s ability to gain upward momentum unless stronger demand materializes.
Likewise, PEPE’s Chaikin Money Flow (CMF) is struggling to break out of negative territory, currently sitting at -0.06. This indicates persistent selling pressure, making any potential price rally challenging.
These conditions keep the PEPE price below the strong resistance posed by the 200EMA, preventing it from establishing an uptrend.
Indeed, PEPE appears to be at a crucial juncture, with the MACD line and signal line vying for dominance, indicating that neither the bulls nor the bears have firmly taken control.
However, September offers a potential catalyst for a bullish turn, as the anticipation of a US Federal Reserve rate cut buoys market sentiment.
According to the CME’s FedWatch Tool, 67% of traders expect at least a 25 basis point ease, which could inject optimism into the market and potentially drive PEPE’s price higher.
In the coming days, traders should monitor the $0.0000070 support level. A slip below this level could lead to a deeper retracement down to $0.0000063, or even further to $0.000005 if the selling pressure intensifies.
This PEPE Competitor Has Higher Gains Potential
Although traders may want to cling to PEPE for further gains, the meme coin landscape has evolved. The best opportunities now leverage real utility alongside a strong community.
As the leading hype-based coins reach multi-billion dollar market caps, their biggest gains are behind them, and traders are diversifying into the next meme coin set for explosive growth.
Enter Pepe Unchained ($PEPU), a meme coin that transcends conventional utility. It tackles two of the most significant pain points in the current crypto landscape: transaction speeds and fees.
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This confidence can also be attributed to Pepe Unchained’s commitment to transparency. It has undergone two audits and features its own block explorer, allowing users to track all transactions on its unique chain.
At a temporary fixed presale price of $0.0094603, those who act quickly stand to benefit the most. Investors are currently earning an impressive 173% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.
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