PEPE Coin Ascends Towards $0.00000773 Amid Market Optimism, But Caution Lingers

PEPE coin price analysis highlights a significant uptick in its value, registering a 7.93% increase,as price reaches $0.00000773. This rally aligns with the growth in PEPE's supply outside exchanges, which expanded to 242.54 trillion on the 7th of April, contrasting with a lower figure reported on the 12th of March. This movement of tokens off exchanges typically indicates a decrease in immediate selling pressure, as investors might be transferring their holdings to hold long-term, implying a bullish outlook on the asset.

Interestingly, the tokens on exchanges have been recorded at 179.81 trillion by Santiment, which is less than the supply outside exchanges, suggesting that withdrawals are surpassing deposits. This could spell a positive trend for PEPE's price. However, the Weighted Sentiment indicator, which previously stood at an optimistic 0.60 on the 4th of April, has seen a decrease, teetering on the edge of entering negative territory. This shift could imply a reduction in the bullish bias for PEPE if the sentiment continues its descent and the demand isn't sufficient to drive a price pump.

Further scrutiny into PEPE's Mean Coin Age (MCA) metric reveals an increase to 32.25, indicating the activity level of both long-term and short-term holders. A rising MCA often points to less movement of old-age tokens, which, if sustained, could hinder a potential price hike. Yet, should older coins remain dormant, it may contribute to price stability and help recover from recent losses.

On the other hand, PEPE's 24-hour volume has increased, which, coupled with the current upward price trajectory, might enable the coin to disregard the wavering short-term sentiment and potentially reach or exceed the $0.0000075 mark. Presently ranked 46th among cryptocurrencies, a continued increase in PEPE's price could see it ascend into the top 40. Despite the positive reaction from the $0.0000062 support zone, a notable decline in trading volume and Open Interest signals a decrease in new address creations and daily active addresses, which may impact the demand and consequently the coin's valuation.

PEPE coin Futures Open Interest:Coinglass

PEPE Gains Traction: Indicators Favor Bulls in 4-Hour Chart Analysis

PEPE technical analysis on the 4-hour timeframe reveals a definitive uptrend, with the price currently at $0.00000773. The Keltner Channel (KC) indicates bullish conditions as the price action has maintained above the central line of the KC, currently at $0.000007152, which could be considered a dynamic support level if the price were to retrace.

The Money Flow Index (MFI) stands at a high 85.95, edging into the overbought region, which typically suggests high buying pressure but also raises the possibility of a forthcoming price correction due to the overextended buying activity. The Relative Strength Index (RSI), parallel to the MFI, is at 65.15, underscoring the buyers' strength but also approaching the overbought threshold, which often signals that a price pullback could be imminent.

Looking at the current position within the KC, PEPE is testing the upper boundary, signaling that the market is testing resistance levels. Should PEPE's price maintain above the central KC line at $0.000007152 and not dip below, it could confirm the bullish market sentiment and potential for ongoing upward price movement.

The current technical landscape of PEPE is robust, characterized by a recovery phase and a bullish bias. However, given the overbought signals from both the MFI and RSI, traders should stay vigilant for signs of a possible retracement. Key price levels to watch in the near term are the KC's upper boundary for immediate resistance and the central line for support.