š„Pepe price holds 200 EMA,Ā traders expects more gains
š Pepe price rose for the second consecutive day as optimism spread in the crypto industry following encouraging inflation data.
š The $PEPE token climbed to $0.0000095, marking a 25% increase from its lowest level this month. It joined other meme coins like Dogwifhat (WIF) and Dogecoin (DOGE) in this recovery.
š° Pepeās rebound was driven by Bitcoin's performance, which rose above $59,000 on Thursday. Bitcoin climbed as investors bought the dip after it dropped to $53,700 last week.
š The token has risen in a high-volume environment, signaling continued demand among traders and investors. Its three-day volume averaged over $1.16 billion, higher than the previous period.
š The rise coincided with an increase in the crypto fear and greed index to 40. While it remains in the fear zone, it has bounced back from this weekās low of 35, indicating potential movement toward the neutral point soon.
š Pepe rose after US inflation numbers pointed to a potential interest rate cut by the Federal Reserve. The headline and core Consumer Price Indices (CPI) dropped to 3.0% and 3.30%, respectively.
š”ļø Pepe has held above a key support level. Some traders believe Pepe price has more upside, finding strong support at the 200-day Exponential Moving Average (EMA).
š It has formed a falling wedge pattern, a popular bullish sign. Another trader noted that the next Pepe bull run could be sparked by potential spot Ethereum ETF approval.
š Some whales are still buying Pepe, hoping for a price bounce. Data shows a whale bought 126.5 billion PEPE tokens worth over $1.5 million. This wallet also holds other tokens like Ethereum (ETH) and zkSync (ZK).
