Meme cryptocurrency Pepe [PEPE] is exhibiting a bullish bias, marking a surge in active addresses and social dominance.
Published on Thursday, the analysis indicates that PEPE’s count of active addresses has been steadily increasing over the past week, reflecting a positive response from network users and a growth in their numbers. PEPE has reportedly outperformed other meme coins, including Dogecoin [DOGE] and Shiba Inu [SHIB], in terms of gains.
PEPE’s significant rally has resulted in a 102% gain over the past seven days, with the market structure on the daily chart flipping bullish on October 23. The Relative Strength Index (RSI) signals a strong bullish momentum, while the Chaikin Money Flow (CMF) illustrates a strong capital inflow to the market.
Despite these positive indicators, it was noted that the mean coin age saw a sharp dip, potentially signaling that long-term holders could be selling their PEPE tokens for profit. This, along with a bearish order block at the $0.0000014 region, could result in a pullback to the former resistance at $0.00000101, providing a possible buying opportunity.
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