In this article, we explore the recent surge of Pepe Coin (PEPE), its market performance, and key factors driving its bullish outlook.
PEPE's Impressive Performance
Pepe Coin (PEPE) has experienced significant growth this week, soaring by over 30%. This impressive rise has positioned PEPE as the top-performing meme coin, eclipsing others in terms of gains over the past fortnight. As of now, PEPE is valued at $0.00001089, reflecting a 7.99% increase from its price the previous day. This remarkable performance has also positioned PEPE as the 23rd largest cryptocurrency by market cap, which has risen by 6.68% in the last 24 hours to reach $4.58 billion.
Surge in Trading Volume
Concurrent with this price escalation, Pepe Coin has witnessed a remarkable surge in trading volume. Over the past 24 hours, PEPE’s trading volume has skyrocketed to $3.77 billion, representing a notable 90.64% increase from the previous day. This extraordinary rise in trading activity highlights burgeoning investor interest and amplified market engagement with the coin.
Smart Money Withdraws $4.26M Worth of $PEPE
A prominent investor, often referred to as "smart money," withdrew 406.74 million $PEPE tokens worth $4.26 million from Binance. According to Lookonchain, this investor previously earned $3.72 million from $PEPE and has a strong track record of profitable trades. In a related transaction on April 10, the same whale deposited multiple tokens on Binance to take profits, accumulating a total profit of approximately $5.4 million from trading eight different tokens.
Bullish PEPE Tests Limits
Since April 13, the PEPE token has shown a bullish trend on the daily chart, with a 155.62% increase during this period. PEPE is nearing a critical resistance level at $0.00001101, a level last reached on March 14. Should the bullish trend continue, PEPE could surpass this resistance level and potentially reach higher targets, including its all-time high of $0.00002.
Technical Indicators Signal Bullish Momentum
Technically, the Moving Average Convergence Divergence (MACD) indicator is moving vertically, positioned at 0.00000068, signaling a bullish trajectory in the short term. The MACD line trading above the signal line indicates a strengthening bullish sentiment for PEPE, with potential price increases. Additionally, the MACD histogram shows widening green bars above the zero line, further supporting the bullish momentum.
The Relative Strength Index (RSI) trades vertically in overbought conditions, positioned at 71.44. This suggests that PEPE may be approaching an overvalued point, potentially leading to a price correction in the short term. However, the RSI line moving above the signal line indicates there may still be room for growth before a significant pullback occurs.
Pepe Coin's recent surge and increased trading volume reflect growing investor interest and confidence in the token. While PEPE faces critical resistance levels, technical indicators suggest bullish momentum may continue in the short term.
