PEPE has been up slightly, with a 2.21% gain in 24 hours.
Market fundamentals suggest that the recent correction is only temporary before the uptrend resumes.
Over the past week, Pepe [PEPE] has seen a sharp decline, down 3.47%. Prior to this, PEPE had been on an upward trend, with a 37.43% increase on the monthly chart.
Since hitting $0.0000119, PEPE has struggled to maintain its upward momentum. On its weekly chart, the meme coin is trading sideways, signaling a potential breakout.
In fact, at the time of writing, PEPE is trading at $0.000009705, marking a 2.21% increase over the past day. Meanwhile, the coin’s market capitalization has increased by 1.90% to $4.09 billion over the same period.
Therefore, the current price movements and total gains have conveyed optimism for this meme coin. Therefore, the decline on the weekly chart could be a correction before an attempt to enter a new uptrend.
What does the PEPE chart say?
According to TinTucBitcoin analysis, PEPE is retesting a key resistance level at $0.00001. The meme coin has faced multiple rejections at this level, and current market conditions could lead to a bullish run.
Source: Santiment
First, the DAA correction has been positive all week. This shows that demand is increasing, and the market is in a favorable position to reverse from the downtrend.
An upward reversal is inevitable, as the meme coin is currently undervalued and the price has not yet reflected the rise in fundamentals.
Source: Santiment
Meanwhile, the Aggregate Exchange Funding Rate has returned to positive, at 0.006% as of this writing, after falling into negative territory the previous day.
Since the Funding Rate has been largely positive over the past week, this shows that long positions are being favored over shorts.
Source: Coinglass
This phenomenon is also observed with the OI Weighted Funding Ratio. This suggests a shift in market sentiment, as investors regain confidence in the meme coin's prospects.
See also: AVAX price heading towards $32
Source: Coinglass
Finally, Coinglass data shows that Open Interest has increased by 2.88% to $140.15 million in the past 24 hours at press time. Thus, investors are opening new positions, expecting to continue making profits.
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