PEPE is about to surpass Polygon (MATIC) in market value.
The most unexpected comeback in 2024 is the rise of PEPE, which has been climbing all the way and constantly surpassing many "serious" cryptocurrencies. PEPE's recent achievement is to surpass Polygon and obtain the 18th position in the cryptocurrency market. However, it is not clear how this asset will continue to develop.
PEPE has accumulated a market value of $7.02 billion, just slightly lower than Polygon's $7.12 billion. The surge in PEPE's price was accompanied by a 12.96% increase, and the current price is stable at $0.00001676. MATIC, on the other hand, fell by 0.69%, and the price remained at $0.7184.
PEPE successfully broke through multiple previous resistance levels, showing a very good upward trend. Currently, PEPE is trading at $0.00001698, showing a strong upward momentum. As can be seen in the chart below, the 50-day moving average is currently around $0.00000885 and the 100-day moving average is close to $0.00000765, both well below the current price, which suggests that the upward momentum is still continuing. The relative strength index (RSI) is 78.76, indicating that PEPE has entered deep into the overbought zone; but large buying interest is still pushing the price higher.
The question now is whether PEPE can maintain this upward momentum and potentially surpass Polygon in market capitalization. The current high trading volume is supporting the upward trend and the market sentiment is very positive. However, the RSI shows overbought conditions, suggesting that some kind of pullback may occur in the short term. For stability, the key support levels that should be closely watched are around $0.000015 and $0.000014.
PEPE's rise has been very impressive, but it is still an extremely risky investment. Meme coins are extremely volatile, risky, and often provide exposure that many people are unwilling to take. At any time, the value of an asset like PEPE can change rapidly without giving you the opportunity to protect your portfolio from losses.
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