As a seasoned crypto investor with years of experience in the market, I’ve seen my fair share of price surges and market movements. The recent 29.1% increase in Pepe’s price within 24 hours to $0.00001223 was nothing short of impressive.
The cost of Pepe soared by 29.1% within the past 24 hours, reaching $0.00001223 during European trading on Tuesday. This surge might have been initiated by Ethereum‘s price uptick following the preliminary acceptance of spot ETH Exchange-Traded Funds (ETFs). As a result, PEPE’s 24-hour trading volume swelled by 98% to an impressive $2.27 billion, reflecting heightened investor attention.
Pepe Price Courts 40% Gains After Breakout From Falling Channel
As a market analyst, I’ve observed that PEPE experienced a significant price surge of 29%, breaking past the resistance level of a falling wedge pattern. However, this bullish trend did not result in an official uptrend yet. The daily candle close on the previous day failed to surpass the previous high, remaining below $0.00001350. Today’s daily candle closing above this price point would confirm the establishment of a new uptrend.
The leading indicators are signaling optimism, implying a strong likelihood that the day’s candlestick will reach the $0.0000135 mark.
The RSI indicator for Pepe stands at 61.14, signaling a rise, indicating a growing bullish momentum and an uptrend. Likewise, the Chaikin Money Flow (CMF) at 0.12 and rising suggests strengthening buying pressure as evidenced by the escalating daily trading volume. The MACD line for Pepe crossed above its signal line on July 14, signaling a bullish reversal.
Pepe’s bullish trend is supported by lagging indicators as well. Specifically, the 21-day, 50-day, and 200-day simple moving averages (SMA) are currently sitting beneath the current price level.
The potential price increase for PEPE could reach up to 41%, amounting to approximately $0.00001730. However, there might be slight obstacles at around $0.000012 and $0.000013. On the other hand, strong underlying support can be found at roughly $0.000010 and $0.0000078.
Why is Pepe Price Spiking?
As an analyst, I’ve observed that the surge in PEPE price can be linked to the U.S. SEC’s preliminary approval of spot Ethereum ETFs. PEPE, known for its reactivity among meme coins on the Ethereum blockchain, experienced a 56% price increase when similar ETF applications were previously approved. The upward trend for PEPE might continue as ETF trading commences on July 23.
Based on my extensive experience in the crypto market and analysis of data from various sources, I believe that the recent 31.47% surge in PEPE’s aggregated Futures Open Interest (OI) across exchanges is a clear indication of heightened investor interest. This trend suggests that many traders are eagerly positioning themselves for potential gains in the meme coin as it shows signs of further upward momentum. My past experiences with similar market dynamics have taught me that such a surge can often lead to significant price movements, making this an exciting development for those following the PEPE token closely.
Bottom Line
The price of Pepe is exhibiting robust signs of a bull market as the futures market experiences heightened activity, possibly paving the way for a record-breaking peak. This surge in derivatives trading indicates burgeoning investor confidence and could ignite a 41% price increase leading to an unprecedented high.
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2024-07-16 09:51