The PEPE price has dropped by 1% today, slipping to $0.00001202 as the crypto market as a whole rises by 0.5% in the past 24 hours.
The meme coin remains up by 25% in a week and by 32% in a fortnight, while it also boasts an enviable 685% gain in a year.
In fact, PEPE has reached an all-time high more recently than most other top-100 coins, with the token climbing to $0.00001717 at the end of May.
And with its price breaking through a short-term resistance level, it looks like it could beginning challenging this record high before long.
Bullish Momentum Builds After Pepe Price Range Breakout
What you can see from Pepe’s chart is that, last week, its price broke away from the narrow $0.0000085 – $0.0000095 range it had been trading in for a few weeks.
Its overall picture is therefore much more bullish at the moment, even if its indicators have taken a hit this morning with today’s drop.
For example, its 30-day moving average (orange) has begun falling towards the 200-day (blue), suggesting that we may see a little correction over the next day or so.
Source: TradingView
Likewise, PEPE’s relative strength index (purple) has fallen from 60 last night to 40 today, and while it has stabilized a little, more drops could be coming.
Yet with a trading volume of around $1.2 billion, any drop today or tomorrow may be short-lived, given the ongoing interest in the meme token.
Recent days have seen whales withdraw significant sums of PEPE from exchanges, signalling a belief that the coin has more gains in store in the near future.
And given that the wider market appears to have entered an upwards trend after a difficult couple of weeks, such a belief would be entirely reasonable.
Indeed, the market has the launch of Ethereum ETFs to look forward to tomorrow, with some already preparing for a Solana ETF in later months.
While such launches do not affect the Pepe price directly, they would nonetheless improve bullishness across the board, with demand and volume feeding into alts such as Pepe.
There’s also no mistake that PEPE is probably still the most popular meme coin among whales, so we are likely to see it rally strongly in the coming weeks and months.
It could easily reach $0.0000015 in the next few weeks, before hitting $0.0000020 by Q4
