PEPE price prediction as on-chain indicators signal impending recovery

November 08, 2023 10:07 PM AEDT | By Invezz
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Pepecoin has caught the attention of market players lately as it challenged dominant memecoins, leading recent recoveries in the themed digital coins sector. However, competitors Dogecoin (DOGE) and Shiba Inu (SHIB) soared over the last two weeks, PEPE exhibited sideways price movements.

PEPE traded at $0.000001173 at press time, following a 1.75% uptick over the past day. The coin’s weekly chart confirms Pepecoin’s ups and downs over the last seven days.

PEPE 7-D chart on Coinmarketcap

Its on-chain indicators support bullishness for the alt. Declining supply on exchanges, increasing social dominance, and rising net realized returns suggest potential recovery for Pepecoin.

On-chain indicators support PEPE rally

The social dominance metrics show how the crypto trended across social platforms such as X. Increasing domination confirms higher demand and relevance for the digital asset. Santiment’s chart suggests that social dominance highs corresponded with PEPE’s price tops in multiple cases.

Net realized profit or loss tells when holders experience increased returns or losses. It can be an essential tool in predicting crypto prices. Santiment reveals a consistent uptick in net realized profit in October. Maintaining this trend in November would confirm an upside stance for PEPE.

Asset supply on exchanges determines selling momentum, a catalyst for price declines. PEPE has seen its circulation on trading platforms over the past month, suggesting diminishing seller pressure. That translates to bullishness for PEPE’s price actions.

PEPE price and supply chart by Santiment

Also, PEPE will likely mirror broad market performance. The cryptocurrency industry remains poised for continued uptrends, with Bitcoin hovering above $35K despite miner sell-offs. Extended BTC recoveries will bolster Pepecoin’s future trajectory, welcoming potential solid surges.

The post PEPE price prediction as on-chain indicators signal impending recovery appeared first on Invezz


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