PEPE, the popular memecoin, is attempting a comeback after a week of significant price drops. While a recent 2% rise offers a glimmer of hope, the overall picture remains mixed.

Price Rollercoaster:

PEPE’s price experienced a volatile week, dropping 6% to a low of $0.0000106. However, the past 24 hours have seen a positive correction, with the price climbing over 2% to currently sit at $0.00001194. This uptick allowed PEPE to surpass a key resistance level, offering a potential sign of recovery.

Technical Analysis:

A recent analysis identified PEPE breaking above a resistance level of $0.000012 on a 12-hour chart. While it dipped slightly afterward, this breakout could lead to a more substantial recovery if sustained. This raises the possibility of PEPE retesting its all-time high in the coming weeks.

On-Chain Metrics Offer Hints:

While price movements offer a surface-level view, on-chain metrics provide deeper insights. Increased exchange outflows point towards rising buying pressure, suggesting investor interest in accumulating PEPE during the dip. Additionally, a decrease in exchange supply and a corresponding rise in non-exchange supply indicate a potential accumulation trend.

Sentiment Shift:

The memecoin’s MVRV ratio, an indicator of market profitability, has also shown a slight improvement, hinting at bullish tendencies. Furthermore, an uptick in weighted sentiment suggests a growing positive perception around PEPE.

Bullish Target and Potential Hurdles:

Hyblock Capital’s data suggests a potential price target of $0.0000139 if the bullish momentum continues. However, a rise in liquidation at this point could trigger short-term price corrections. Successfully overcoming this hurdle could propel PEPE towards new highs.

The Bearish Outlook:

Despite the potential for a bull run, the possibility of a bearish swing cannot be ignored. If the bears take control, a price drop to $0.000009 remains a possibility.

Social Media Concerns:

While the price and on-chain metrics provide encouraging signs, a decline in PEPE’s social volume raises concerns. This could indicate waning public interest, which could hinder its long-term growth.

Conclusion:

PEPE’s recent price increase offers hope for a comeback, but it’s too early to declare victory. On-chain metrics and improved sentiment paint a potentially bullish picture, but the threat of bearish pressure and declining social media presence remain. Only time will tell if PEPE can truly recapture its former glory.