PEPE Recovers from Two-Month Low with 23% Surge.
Pepe trading volume is up 110% in the past 24 hours.
Pepe (PEPE) has reached a 15-day high of $0.00001262, surging 23% in the past 24 hours. Trading volume also increased by 110% during this period. The frog-themed coin had been in a bearish zone since the start of the month, hitting a two-month low of $0.00000763 in the first week of July. However, in the past 24 hours, it surged from $0.000009399 to $0.00001251, catching significant attention.
In addition to this price action, two institutions, Nascent and MakerDAO, deposited 3,566 MKR ($10.29M) to Binance. Notably, Nascent unloaded 1,216 MKR ($3.49M), making an estimated profit of $2.9M. Later, the venture capital firm withdrew 141 billion PEPE ($1.6M), 281,000 LDO, and 3.41 million USDT from Binance.
Moreover, this surge coincides with the current market relief rally from last week’s heavy lows. After two weeks, the market’s Fear & Greed Index is now in the neutral zone. PEPE took the top gainers’ spot among other meme coins, with dogwifhat and Floki surging 21% and 18%, respectively.
Also, PEPE’s Network Value to Transactions Ratio (NVT) spiked, indicating it was relatively overvalued.
What’s Ahead for Current Top Memecoin Player?
Charting its recent price movements, Pepe has demonstrated a bullish trend, marked by recent highs and breaking the resistance level of $0.00001134. Despite some volatility in the past week, the overall trajectory remains positive, with the potential to test the $0.00001349 level shortly.
PEPE Price Chart, Source: Santiment
Supporting this bullish sentiment is the Relative Strength Index (RSI), which suggests that momentum remains strong without venturing into overbought territory just yet.
If bears dominate again, there are chances PEPE might fall to $0.00000762. In a further decline scenario, it could go down to $0.00000707.
Highlighted News Of The Day
Spot Ethereum ETFs to Launch Next Tuesday Ending Excruciating Waits
