{"id":451496,"date":"2024-12-12T20:00:21","date_gmt":"2024-12-12T14:30:21","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=451496"},"modified":"2024-12-12T14:50:56","modified_gmt":"2024-12-12T09:20:56","slug":"pepe-why-this-decline-is-good-news-for-the-memecoin","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/pepe-why-this-decline-is-good-news-for-the-memecoin\/","title":{"rendered":"PEPE &#8211; Why THIS decline is good news for the memecoin"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">PEPE\u2019s MVRV ratio has declined from 1.96 to 1.74 despite the price gaining by nearly 10% in 24 hours.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">An ascending triangle pattern suggested that PEPE was poised for more gains.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/pepe-investor-turns-3k-into-73m-heres-how-it-happened\/\"><span style=\"font-weight: 400;\">Pepe [PEPE]<\/span><\/a><span style=\"font-weight: 400;\"> staged a bold recovery at press time after a nearly 10% gain to trade at $0.0000249.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> These gains mirrored the performance of most memecoins after their total market capitalization rose above $138M after an 8% gain in 24 hours.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PEPE has been among the top performers in the crypto market this month after creating a new all-time high of $0.000028 on the 9th of December. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While it has since dropped by 9%, several signs pointed towards a healthy correction.\u00a0<\/span><\/p>\n<h2><strong>PEPE MVRV hints at further upside\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">PEPE\u2019s market value to realized value (MVRV)\u00a0 dropped from 1.96 to 1.74 in 24 hours, which shows a drop in unrealized profits. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the price appreciation, a drop in this ratio suggests that traders are willing to hold PEPE, instead of sell.\u00a0<\/span><\/p>\n<figure id=\"attachment_451497\" aria-describedby=\"caption-attachment-451497\" style=\"width: 1578px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPE-MVRV.png\"><img decoding=\"async\" class=\"wp-image-451497 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPE-MVRV.png\" alt=\"\" width=\"1578\" height=\"454\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPE-MVRV.png 1578w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPE-MVRV-300x86.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPE-MVRV-1024x295.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPE-MVRV-768x221.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPE-MVRV-1536x442.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPE-MVRV-1200x345.png 1200w\" sizes=\"(max-width: 1578px) 100vw, 1578px\" \/><\/a><figcaption id=\"caption-attachment-451497\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">PEPE\u2019s falling MVRV ratio shows that despite the recent gains, the memecoin is not yet overvalued, indicating there is room for more growth.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The MVRV ratio is also not at extreme levels, despite 94% of PEPE holders being in profit per <a href=\"https:\/\/app.intotheblock.com\/coin\/PEPE\/deep-dive?group=financials&amp;chart=inAndOut\">IntoTheBlock<\/a>. This suggests that traders are willing to hold instead of taking profits, highlighting bullish sentiment.\u00a0<\/span><\/p>\n<h2><strong>Bullish continuation?\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">PEPE had formed an ascending triangle pattern on its four-hour chart, which often shows a bullish continuation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, a bullish breakout above the upper trendline of $0.0000254, which is also a strong resistance level, will depend on the buying activity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Relative Strength Index (RSI) stood at 53 showing weak bullish momentum. Additionally, the RSI line has flattened, showing that buyers are indecisive.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The on-balance volume (OBV) indicator also shows a similar outlook after flattening following a sharp uptrend earlier this week.<\/span><\/p>\n<figure id=\"attachment_451498\" aria-describedby=\"caption-attachment-451498\" style=\"width: 1781px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPEUSDT_2024-12-12_10-16-04.png\"><img decoding=\"async\" class=\"size-full wp-image-451498\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPEUSDT_2024-12-12_10-16-04.png\" alt=\"\" width=\"1781\" height=\"798\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPEUSDT_2024-12-12_10-16-04.png 1781w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPEUSDT_2024-12-12_10-16-04-300x134.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPEUSDT_2024-12-12_10-16-04-1024x459.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPEUSDT_2024-12-12_10-16-04-768x344.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPEUSDT_2024-12-12_10-16-04-1536x688.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/PEPEUSDT_2024-12-12_10-16-04-1200x538.png 1200w\" sizes=\"(max-width: 1781px) 100vw, 1781px\" \/><\/a><figcaption id=\"caption-attachment-451498\" class=\"wp-caption-text\">Source: Trading View<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">PEPE\u2019s bullish breakout from this ascending triangle and a continuation of the uptrend will depend on new buyers entering the market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If it flips resistance at $0.0000254 with high buying volumes, it could lead to more gains.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if the uptrend shows signs of weakening and traders who are taking profits push the price below the support level at $0.0000223, it could cause a bearish reversal.\u00a0<\/span><\/p>\n<h2><strong>PEPE\u2019s Funding Rate drops\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Data from Coinglass showed a notable drop in PEPE\u2019s Funding Rate. The<\/span><span style=\"font-weight: 400;\"> Funding Rate reached a record high earlier this week, but it has since dropped to 0.0144%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This shows while bulls are still willing to pay a fee to maintain their positions, the number of long positions has dropped.\u00a0<\/span><\/p>\n<figure id=\"attachment_451499\" aria-describedby=\"caption-attachment-451499\" style=\"width: 1851px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/pepe-funding.png\"><img decoding=\"async\" class=\"size-full wp-image-451499\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/pepe-funding.png\" alt=\"\" width=\"1851\" height=\"478\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/pepe-funding.png 1851w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/pepe-funding-300x77.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/pepe-funding-1024x264.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/pepe-funding-768x198.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/pepe-funding-1536x397.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/pepe-funding-1200x310.png 1200w\" sizes=\"(max-width: 1851px) 100vw, 1851px\" \/><\/a><figcaption id=\"caption-attachment-451499\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">When there is reduced activity in the derivatives market, it can result in lower volatility, which can give PEPE room for growth. However, if the Funding Rates continue to drop and turn negative, it could cause a bearish sentiment.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/pepe-price-prediction\">Pepe&#8217;s [PEPE] Price Prediction<\/a> 2024\u20132025<\/p>\n<hr \/>\n<h2><strong>Will PEPE form a new ATH in 2024?\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">PEPE is less than 10% shy of its all-time high. With less than three weeks left before the end of the year, the memecoin is already showing bullish signs, with the reduced leverage giving room for a healthy recovery.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If PEPE overcomes resistance at $0.0000254, which is the upper trendline of the ascending triangle, it could extend its gains and possibly make a new ATH before year-end. However, an increase in profit-taking could cause a downtrend.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If PEPE overcomes resistance at $0.0000254, it could extend gains and possibly make a new ATH before year-end.<\/p>\n","protected":false},"author":99,"featured_media":451531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,5824,66,3,6390,4,20],"tags":[6427],"class_list":["post-451496","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-memecoins","category-new-news","category-news","category-pepe-coin-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PEPE - Why THIS decline is good news for the memecoin - AMBCrypto<\/title>\n<meta name=\"description\" content=\"PEPE has gained by nearly 10% in 24 hours. 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