Pepe (PEPE), the popular meme coin, is making waves today, defying the broader crypto market downturn. While Bitcoin (BTC), Ethereum (ETH), and other major cryptocurrencies struggle to gain momentum, PEPE is surging, recording a price gain of over 3.50% in the past 24 hours.
Trading at $0.00002725, PEPE’s trading volume has also increased by 16%, indicating heightened activity from traders and investors.
Technical Analysis Points to Potential 30% Rally
This price surge has brought PEPE to a crucial resistance level of $0.00002750. According to CoinPedia’s technical analysis, a successful four-hour candle close above this level could trigger a significant rally, potentially pushing PEPE’s price up by 30% to reach $0.000036 in the coming days.
However, failing to hold above the $0.000024 level could invalidate this bullish thesis. PEPE’s Relative Strength Index (RSI) currently suggests potential upside momentum as it remains below the overbought zone.
Whale Activity Suggests Potential Upward Pressure
On-chain analytics firm Coinglass reports significant outflows from exchanges, suggesting that whales and investors might be dumping their holdings. This could potentially exert upward pressure on PEPE’s price in the short term.
December 2024, Cryptoniteuae
