Will PEPE be the next Dogecoin in 2024?
PEPE price surges to new all-time high. Growing investor confidence and trading volume indicate that PEPE could be on an uptrend.
The all-time high comes after a significant increase in market activity. In the past 24 hours, Pepe price has increased by 24.65% to $0.00001383. This increase brings its market cap to $5.82 billion, ranking 21st among cryptocurrencies
Investors appear to have turned to PEPE while divesting from older meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB).
The trading volume has also increased significantly in the past 24 hours, rising 89.75% to $4.43 billion, accounting for 76.14% of its total market cap. The circulating supply remains at 420.69 trillion PEPE, which is the total supply and maximum supply of the memecoin.
The meme PEPE has experienced a notable uptrend this week, hitting new highs on the back of strong bullish momentum. The increase in trading activity shows strong market confidence in the continued growth of PEPE.
Pepecoin has gained more than 21% over the past week and is up more than 119% on a monthly basis, showing a continued bullish trend.
Market Sentiment and ETF Speculation, the surge reflects growing interest and investment in Pepe, putting it in the spotlight among other cryptocurrencies.
The trend indicates strong trading activity and increasing demand for this Ethereum-based asset.
The surge in open interest (OI) for the meme PEPE has caught people’s attention, with data from CoinGlass showing an increase over the past 24 hours. The surge reflects the total value of all PEPE futures contracts on cryptocurrency exchanges, which is generally a sign of growing investor confidence.
A large number of long positions are emerging, indicating a bullish trend. Meanwhile, speculation that the United States may approve a spot Ethereum exchange-traded fund (ETF) is fueling market optimism. These developments hint at positive sentiment among cryptocurrency investors.
Technical indicators show bullish momentum
The current bullish trend has pushed Pepe coin towards the $0.000015 resistance level, suggesting a potential upward trajectory. If the bullish momentum continues, Pepe could target $0.00003 or even $0.00005.
However, if the bearish forces regain control, Pepe could drop to the support level of $0.000013 or lower to $0.000012. These potential changes highlight the volatility of the market and the opportunities in the price movement of Pepe.
The 24-hour technical indicators for PEPE/USD on the chart are showing bullish signals. The Awesome Oscillator (AO) is currently reading 0.000002674, indicating bullish momentum as it is showing green bars in recent trading sessions.
The Moving Average Convergence Divergence (MACD) indicator is showing a positive trend, with the MACD line (blue) remaining above the signal line at 0.00000903, indicating a potential uptrend.
The Relative Strength Index (RSI) is 75.67, indicating that PEPE is currently overbought and hinting at a potential price correction. The Average Directional Index (ADX) is 34.50, indicating a relatively strong trend.
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