A major holder recently withdrew 592 billion $PEPE ($7.95 million) from cryptocurrency exchange Binance. Also, the PEPE price exhibits a strong technical setup.
As the broader cryptocurrency market takes a breather before the spot Ethereum ETF’s decision, the memecoin sector continues to grow.
Among the leading meme coins, PEPE Coin (PEPE) and Floki Inu (FLOKI) have seen impressive double-digit gains of 28% and 12% respectively.
What’s Behind the PEPE Coin Rally?
The world’s third largest meme coin – PEPE – has been on an unstoppable rally over the past weeks. In the last 24 hours, the price of PEPE coin has increased by an additional 28% to a new high of $0.0000138 and its market cap has grown to a whopping $6 billion.
Also, PEPE Coin’s daily trading volume has increased by over 90% to over $4.4 billion.
Technical analysis of PEPE’s daily chart indicates a possible continuation of its upward movement in the coming days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are signaling bullish sentiment.
During the last 48 hours, the MACD line made a brief attempt to cross below the MACD signal line, indicating a possible bearish trend. However, buyers intervened, stopping the crossover and rebounding the MACD line above the signal line. Since then, the MACD line has been moving further away from the signal line.
Additionally, the RSI, which is currently above 50, suggests that buyers are exerting more influence than sellers in the market. However, traders should be cautious as the RSI also suggests that PEPE may be overbought, warranting careful monitoring of this technical indicator.
On the other hand, PEPE Coin wheel activity remains strong. A major holding withdrew $592 billion PEPE ($7.95 million) from cryptocurrency exchange Binance about an hour ago, likely gained during the recent price rally over the past two days, according to Lookonchain. There is a report.
The FLOKI Inu Price Rally
In the last 24 hours, FLOKI has gained over 11% trading at $0.0002332 with a market cap of $2.2 billion. FLOKI’s price is on track to challenge its all-time high after last failing to break through in March. Additionally, the daily trading volume for FLOKI has also increased by 110% to $825.94 million.
FLOKI is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming a bullish trend.
Additionally, the 50-day SMA has crossed above the 200-day SMA, forming a golden cross around $0.0001744, further reinforcing bullish sentiment.
The Relative Strength Index (RSI) has risen above the 50-midline level to 72, indicating significant buying pressure and an advantageous position for buyers over sellers, which That suggests buying opportunities.