$PEPE PEPE price analysis reveals 30% gains incoming despite this key finding

PEPE had bullish momentum and price structure on the chartsOn-chain metrics continued to flash a buy signal too

PEPE has been performing well on the charts, even as the rest of the market fought to defend support levels or sank into a short-term downtrend. In fact, since hitting its lows on 1 May, the altcoin has bounced by 35% at press time.

Its network growth has also hiked, implying greater usage and demand for the memecoin. The metrics AMBCrypto analyzed underlined accumulation and reduced sell pressure over the past week.

Is the PEPE buy signal still on?

The 30-day MVRV ratio fell below zero in mid-April while the mean coin age metric trended aggressively higher. This was when PEPE hit the low at $0.0000048. Since then, the altcoin’s price has rallied by 65%, with the MVRV ratio slightly positive too.

At press time, the mean coin age had not lost its uptrend yet. Comparing the 30-day MVRV with how it went in late February, it seems that the memecoin could post large gains soon, provided Bitcoin does not nosedive below key support levels.

Apart from the buy signal going strong, the dormant circulation did not see notable spikes in recent weeks. It had one on 4 April, and another smaller one on 1 May. This suggested reduced token movement between addresses, which likely outlines reduced selling pressure.