Frog-themed meme coin is back in the spotlight.
Pepe prices saw a notable bullish reversal on Tuesday following the ‘Black Monday’ cryptocurrency crash.
The meme coin is up more than 30% from yesterday’s lows, trading as high as $0.0000081. At press time, Pepe coin is currently trading at $0.0000079 with a market cap of $3.2 billion.
Is now a good time to buy Pepe and PeiPei?
Today’s crypto relief rally only proves what smart investors think of Pepe. The top frog-themed meme coin acts as leveraged ETH and exhibits a high correlation with Ethereum price.
Pepe prices have rebounded more than 30% since yesterday’s cryptocurrency crash as Ethereum surges 13%.
This bodes well for the long-term development of Pepe Coin.
In fact, ETH is trading nearly 50% below its all-time high. As a result, experts believe that Pepe’s market cap could peak at $50 billion during this bull cycle, especially after altcoins start to rally.
However, this could also mean that the meme coin will see some pullback in the coming days.
Pepe price might retest its 50-week EMA ($0.0000061) or 50-week SMA ($0.0000051). A sharp rebound from these levels could offer an excellent buying opportunity for the sidelines investors.
On the contrary, PeiPei appears poised to continue rising. Popular cryptocurrency trader Eunice D Wong believes that PeiPei has also formed a local bottom and could set new highs in the coming weeks.
Focus:
Support levels: 0.00000517, 0.00000604.
Pressure level: 0.0000102, 0.0000151.
