Pepe (PEPE) experienced a 2% increase, reaching $0.000008195, while the broader crypto market saw a 4% decline over the past day. PEPE is up 12% for the week but down 7% over the month, though it remains 1,100% higher than its value from last year.
This recent uptick is happening as trading volume approaches $1 billion, with larger investors increasing their purchases of meme tokens. This could potentially lead to further price increases, particularly as year-end approaches, a period known for market gains.
Today’s rise in PEPE’s price has sparked renewed interest after a slower week. The relative strength index (RSI) climbed from 40 to over 60, indicating increased buying activity. Volume is growing, and resistance and support levels are converging, which could suggest further movement in the token’s price.
After a slight pullback today, PEPE’s price may see a breakout later this week. Following a quiet August, the token has been trending upward, with indications that larger investors are anticipating further growth. As one of the best-performing coins of 2024, it may maintain its momentum through the rest of the year.
The overall market outlook has improved, particularly following the Federal Reserve's recent rate cut. PEPE may continue to be a preferred token for larger investors, potentially outperforming other popular meme coins. If current trends persist, PEPE could reach $0.000010 next week and potentially $0.000015 by year’s end.
