The price of the Pepe coin joined other meme coins in a rebound as Santa Claus gathered on Christmas Eve.

baby (baby), the third-largest meme coin, rose in a high-volume environment as investors bought into the recent decline. This rise happened with Bitcoin (Bitcoin) to $98,500, and the Fear and Greed Index for cryptocurrencies approached the greed zone.

Most cryptocurrencies rose, with the market cap of all currencies tracked by CoinGecko reaching a high of $3.60 trillion.

Beebe's 24-hour trading volume reached $2.2 billion, while futures open interest rose for the third day in a row, reaching a high of $151 million. It jumped to the highest level since December 30.

The coin also jumped as evidence showed Pepe was the cheapest since November 5 in terms of its market cap to realized value index. the MVRV-Z score The indicator is widely viewed as one of the most accurate indicators in predicting peaks and troughs.

This indicator is calculated by considering the market price of the asset and its realized value. The MVRV has dropped to 1.28, a sign that it has become significantly oversold. The last time Pepe had this MVRV value was in November, and the coin saw a strong rise to an all-time high of $0.00002830.

Another paradoxical case for Pepe is that there are signs that speculators have given up and exited their trades. Data indicates that the number of active, new addresses and zero balances have decreased by more than 20% in the past seven days.

As shown below, the percentage of active addresses fell to 1.34%, its lowest level in over a month. Most PEPP price breakouts occur when the ratio declines.

Pepe coin price analysis

The daily chart shows that the Pepe coin price peaked at $0.00002830 earlier this month and then underwent a sharp reversal.

It fell below the important support level at $0.00001713, which is the upside of the cup and handle pattern that formed between May and November. A break and retest pattern is usually a sign of continuation. Pepe remained above the 100-day moving average and is trying to reverse the 50-day moving average.

So, is Pepe's price collapse over? Not yet, because this bounce might be a dead bounce. It may also be part of the formation of a bearish flag chart pattern, which is a common bearish continuation sign.

Therefore, there is a risk that the currency will resume the downtrend once the Santa Claus rally ends. A complete bullish breakout will be confirmed when the coin rises above the psychological point at $0.000025.