Buying pressure on PEPE increased over the last few days. As a result, the memecoin’s daily chart turned green after quite some time.
A further look at Santiment’s data pointed out that buying pressure on PEPE was high, as evident from the spike in its exchange outflow. This fact was further established upon a check on its supply.
The coin’s supply on exchange also declined over the last week, while its supply outside of exchange climbed.was high, whales still had doubts as the memecoin’s supply held by top addresses dropped last week.The increase in buying pressure has already started to show its effects on the coin’s price action. According toAt the time of writing, the memecoin was trading at $0.000000807 with a market capitalization of over $316 million.
The good news was that the price uptrend was accompanied by a rise in trading volume, which acted as a foundation for the surge. Though the uptrend was encouraging, a look at PEPE’s daily chart provided a better understanding of whether the memecoin will sustain the momentum.The MACD remained in the buyers’ favor as it displayed a bullish crossover. PEPE’s Chaikin Money Flow and Relative Strength Index both registered upticks, increasing the chances of a continued uptrend.
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