PEPE Price Shows Signs of Bull Market Return – Will September Bring Strong Gains?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the PEPE price has seen a notable 3.74% increase – contributing to a wider 3.21% growth among meme coins.
After shedding a large part of its value for some time, PEPE could be set for a significant price increase this month.
Indeed, today’s growth marks a turnaround from PEPE’s decline, down 10.35% since last Friday – one of the worst affected among notable meme coins over this period.
Trader interest in PEPE also seems to be picking up, as evidenced by the meme coin’s trading volume, which has remained steady above $400 million in the last 24 hours.
According to on-chain data from Santiment, the Market Value to Realized Value (MVRV) Long/Short Difference for PEPE dropped from 55% to 36% between August 24 and 31.
This decline indicates that short-term holders would realize more profits than long-term holders if they sold at current prices.
When this trend persists, it can signal a shift toward a bear market.
Conversely, increasing MVRV values suggest that long-term holders are realizing more profits, which is often a bullish signal.
For PEPE, the MVRV Long/Short Difference recently turned up to 39.87%, indicating a potential shift back toward a bull market.
If this trend continues, PEPE could see another round of bullish momentum, signaling a possible recovery after its recent downturn.
While promising, this recovery may not unfold right away, as the PEPE chart still shows significant obstacles to a breakout.
Most notably, the Relative Strength Index (RSI) remains subdued below the neutral line, currently at 40, suggesting
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