- Indicators reveal that selling pressure on PORK is increasing.
- Most indicators were pointing to further price declines.
Mr. Pepe [PEPE] Forked Token, PepeFork [PORK], gained a lot of attention in the cryptocurrency community as social metrics skyrocketed. While PORK’s popularity grew, the price trend moved in the opposite direction.
Therefore, AMBCrypto planned to check the current status of PEPE and PORK to see how both of them are faring.
PORK’s latest disaster
Lunar Crash’s latest work Tweet highlighted an interesting development related to PORK as social metrics soar.
A possible reason behind this rise in popularity could be the meme coin’s weekly rise of more than 12%.
Thanks to the price increase, sentiment regarding the meme coin remained bullish as evidenced by the high weighted sentiment.
Source: Santiment
However, the bullish trend did not last long as the meme coin witnessed a significant price correction.according to coin market capthe meme coin has fallen over 10% in the past 24 hours alone.
At the time of writing, it was trading at $0.0000002431 and the market capitalization was over $102 million.
AMBCrypto’s analysis of Santiment data revealed that PORK’s MVRV ratio decreased on May 5th, suggesting that fewer investors are reaping profits.
Investors chose to sell as meme coin prices became bearish. This was the case as active deposits of meme coins increased.
Additionally, while on-exchange supply increased, off-exchange supply decreased on May 5th. This means that selling pressure was high at press time.
Source: Santiment
PEPE is in a better position
PEPE, on the other hand, acted differently. According to CoinMarketCap, in the past 24 hours the price fell by only 1.5%.
At the time of writing, the market capitalization was $3.6 billion, trading at $0.000008569. Market sentiment on PEPE remained bullish, with the weighted sentiment graph rising.
Unlike PORK, PEPE remained under high buying pressure. While the on-exchange supply of meme coins has decreased, the off-exchange supply has increased over the last week.
In fact, AMBCrypto report We have previously mentioned the possibility of PEPE reaching $0.00001 within the next few days.
Source: Santiment
What to expect from pork
Since PORK was in a worrying condition, AMBCrypto planned to check the daily chart to better understand if the bearish trend could be reversed.
It was found that its Relative Strength Index (RSI) recorded a sharp decline.
Regardless of whether it is realistic or not, this PORK market capitalization in DOGE terms
Chaikin Money Flow (CMF) followed a similar downward trend. These suggest that price declines are likely to continue.
Nevertheless, the MACD was still in favor of buyers as it showed a bullish advantage in the market.
Source: TradingView
