PEPE’s trading volume surged 245% to $1.56 billion in the past 24 hours, and its market cap also jumped to $4.31 billion, surpassing Ethereum Classic (ETC-$26.17) to become the 23rd largest cryptocurrency by market cap.
PEPE’s performance followed the return of Keith Gill’s account “Roaring Kitty” on social media platform X, which had been dormant since June 2021.
The rally on May 13 saw PEPE price rebound from an ascending trendline that had been supporting it since mid-April. The recent rally has seen PEPE break above a critical resistance level that has been supporting the price since March.
This is the $0.00000875 to $0.000010 area that bulls need to defend to secure an uptrend.
The Relative Strength Index (RSI) is trending northbound and showing a similar upward trajectory to the price. The firmness of the price at 70 reinforces the dominance of buyers in the market.
On the other hand, if the daily candlestick falls below the ascending trendline at $0.00000875, the price will fall towards the $0.0000070 and $0.000080 demand areas contained by the 20-day and 50-day exponential moving averages.
According to DEXTools, the Solana-based GameStop memecoin has risen by more than 550% after the return of Roaring Kitty, while AMC tokens have risen by 1,200%. Larger memecoins Dogecoin at $0.15 and Shiba Inu at $0.000023 have risen by 5% and 7%, respectively.
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