Pepe's price remains in a bearish trend after a significant decline. However, technical indicators may point towards a potential recovery.
Current State of the PEPE Market
Pepe's price dropped to $0.000071, reflecting the general downward trend of meme coins in recent days. The crypto fear index has fallen into the fear zone at 20. Pepe futures' open interest has also significantly dropped, reaching $200 million compared to $556 million in January.
MVRV Indicators and Possible Recovery
The Market Value to Realized Value (MVRV) Z-score has fallen to -0.726, indicating potential undervaluation of the coin. This marks the lowest level since October 2023, suggesting a potential bounce back.
Technical Indicators and Forecast
Technical indicators suggest a possible recovery for PEPE. The Average Directional Index has remained flat, indicating weakening bearish momentum. The price has formed a falling wedge pattern, a popular bullish signal. The Relative Strength Index and Percentage Price Oscillator show a bullish divergence pattern. Therefore, a strong bullish breakout might occur for PEPE price, potentially reaching its all-time high.
Current technical indicators and metrics suggest a potential recovery for Pepe's price, though it remains in a bearish market.
