The cryptocurrency PEPE, which has not been on the agenda in recent weeks, started to rise again towards the weekend, despite losing 30% on Monday.
Although the joke-themed coin reached a market value of $ 2 billion at its peak, this figure has decreased to $ 700 million today.
In this article, we will review PEPE's current technical view and initial on-chain data.
Entry to Stock Exchanges Increases
The recovery of the joke-themed cryptocurrency in the last 3 days gives hope to its investors. However, on-chain metrics indicated that a new selling pressure could begin in the future.
According to the data of the on-chain tracking platform Glassnode, PEPE continues to enter the exchanges from May 5 to the present.
The majority of crypto analysts comment that the increased entries in the stock market are for selling purposes. However, if the token supply on the exchanges is decreasing, this indicates that medium-term investors have switched to cold wallets.
Another metric in the chart, the MVRV rate, is still positive at 19%. MVRV data measures the unrealized profit rate of investors over the market.
On the other hand, Cryptoquant analysts recently stated that it is possible for PEPE to experience an upward rally depending on the market, but it is very difficult for the rally to be as strong as before.
It's been 2 weeks since the prank-themed cryptocurrency was listed on major exchanges. Thus, predictable support/resistance points for technical analysis started to form gradually.
PEPE, which was rejected at the $.20800 resistance, recovered during the week with support at $.19120, according to the data. If the resistance level is exceeded, the next target could be $.23700.
$PEPE is currently trading around $.19250.