The popular Ethereum-based memecoin $PEPE has been on an impressive rally in recent days, amid renewed risk appetite in the crypto market. With a 9.09% increase in the last 24 hours, PEPE's price has reached $0.00001323, putting it back on investors' radar. This surge wasn't limited to just the price; trading volume has also exploded!
๐ Volume and Market Cap Soar: A Signal of Strong Demand
According to CoinMarketCap data, #pepe 's daily trading volume increased by 29.63% to $1.82 billion. This significant increase isn't just speculative; it indicates continued strong buying pressure. Its market capitalization has reached $5.56 billion, giving PEPE a more solid position in the memecoin arena.
The volume-to-market cap ratio reached 32.39%, indicating that the price increase was supported by strong volume and increased liquidity on exchanges. This ratio highlights that the rise is not temporary and that there is strong buyer participation.
๐ What Do Technical Indicators Say?
๐ต MACD: Shows Bulls Taking Control
According to data obtained from TradingView, the MACD line rose to 0.000000337, breaking above the signal line at 0.000000259. This positive crossover indicates that buying momentum is gaining strength in PEPE. The increase in the MACD histogram suggests that the momentum is sustainable and that the short-term uptrend may continue.
๐ฃ RSI: Approaching the Buy Zone Continues
The Relative Strength Index (RSI) is at 67.88 and is approaching the overbought threshold of 70, reinforcing the strength of the uptrend. This confirms that the price still has upside potential and that buyers are dominating the market. The secondary RSI reading of 56.87 indicates that the previous weak buying pressure is now behind us.
๐ Price Levels: Resistance and Support Areas
Resistance Zones:
PEPE is facing strong resistance in the $0.000015000 โ $0.000016485 range. These levels were previously tested in April but failed to break. Now they are back on target.
Support Zones:
In the event of a potential downward correction, $0.000010000 and then $0.000008442 stand out as strong support levels.
Higher Lows:
The chart structure shows the price forming higher lows with each pullback. This is a technical sign that the bull trend is consolidating.
๐ง Comment: PEPE Rally May Just Be Beginning
PEPE is on an upward trajectory supported not only by short-term price action but also by strong technical signals. The MACD crossover and the RSI approaching the buy zone indicate that this rally is not an ordinary "pump," but rather a strong market demand-driven rally.
The convergence of the increasing volume and market capitalization with technical indicators, in particular, increases PEPE's potential to break the $0.0000-15,000 resistance in the near term. If this resistance level is broken, larger targets may be on the horizon.
๐ Conclusion
PEPE is moving towards a significant resistance zone, driven by positive signals from technical indicators, increasing volume, and strong buyer pressure. A period that should be kept under the radar by both short-term investors and long-term investors may be beginning.
๐ข This is not investment advice. Cryptocurrencies carry high risk; support your investment decisions with your own research.
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