As $PEPE dips from its recent high, will it rise again?
After hitting an all-time high of $0.00001526 yesterday, Pepe has experienced a slight correction, dipping 4.5% to $0.00001365 in just 24 hours. Despite this pullback, PEPE has been the best-performing top-100 token, boasting an impressive 37% rise in a week and a staggering 74% increase in a month. With an astronomical 820% surge over the past month, PEPE has demonstrated robust long-term momentum that could easily reignite following today's fall.
The recent approval of Ethereum ETFs has injected a wave of optimism into the market, potentially setting the stage for PEPE to soar to new heights. However, as the token surged aggressively earlier this week, it appears to be losing some steam, showing signs of a temporary pullback. The relative strength index (RSI) for PEPE dropped from 70 this morning to nearly 40, suggesting the possibility of a continued downward trend in the coming day.
Moreover, after days of riding high above its 200-day moving average, PEPE's 30-day average has started to decline, hinting at a potential dip below its longer-term trend. This could indicate a week-long retracement after setting numerous fresh record highs in recent days.
Yet, it's not all doom and gloom for PEPE. Trading volumes remain near record highs at $2.4 billion, with whale investors continuing to buy the token in the past 24 hours. This sustained demand and interest could be the catalyst for PEPE to rebound and challenge its previous record high once more.
The SEC's approval of eight Ethereum ETFs bodes well for the broader market, including meme tokens like PEPE. These ETFs, expected to launch next month, could boost demand and trading volume for Ethereum and related tokens, fostering a bullish market environment. Given that PEPE is an Ethereum-based coin heavily backed by whales for over a year, it stands to benefit significantly from this increased market activity.
