PEPE trading volume surged 62%, what happened?
Technical Indicators Support PepeCoin’s Bull Run
PepeCoin (PEPE) is showing strong upward momentum today. The meme coin’s trading volume surged by more than 62% in 24 hours, reaching approximately $846.23 million. This latest surge suggests that bulls are taking control of the market as PEPE prices rebound after the recent pullback.
At press time, Pepe was trading at $0.000009454. This follows a significant rise of 5.61% in the past 24 hours. In addition, the coin’s market capitalization also surged by 5.59% to $3.98 billion. This makes PEPE the 25th largest cryptocurrency on the market in terms of market capitalization.
However, it is worth noting that the price of PepeCoin has dropped by 21.07% in the past 30 days. The previous weeks came after the cryptocurrency market experienced a severe crash, during which time PEPE also struggled. But the good news is that this downward trend in the cryptocurrency market appears to be over. As a result, the price of PepeCoin is surging today to post a significant recovery.
The price of Pepe Coin is showing an upward trend.
Although the PEPE coin has risen by 5.61% today, there are still more signs that the price will rise further. According to TradingView data, the meme coin is trading above its 200-day simple moving average (SMA). This level serves as support for PEPE, indicating bullishness for the coin in the long term.
The 200-day SMA usually indicates the long-term market movement of a coin. Despite the daily volatility in the market, it highlights that the meme coin is in an upward trend within the broader picture. Additionally, PEPE’s relative strength index (RSI) also supports this technical analysis.
Currently, PepeCoin’s RSI is at the level of 44.9. It is worth noting that the RSI in the 40-50 range is a support zone for the coin. This range also shows that despite the short-term volatility, the coin is still in a bull market. Overall, these technical indicators confirm the bull case for PepeCoin.
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