Pepe (PEPE) has emerged as one of the biggest gainers in the cryptocurrency market today, showing strong indicators of a potential bullish rally. This surge follows news of the preliminary approval of spot Ethereum (ETH) ETFs, which has likely contributed to the increased investor interest in Pepe.
Recent Price Surge and Market Activity
In the last 24 hours, Pepe's price surged by 29.1%, reaching $0.00001223 during European business hours on Tuesday. This significant increase may be attributed to the rising price of Ethereum, which saw a boost from the preliminary approval of spot ETH ETFs. Consequently, PEPE's 24-hour trading volume soared by 98% to $2.27 billion, reflecting heightened investor interest and activity.
Technical Analysis and Indicators
Pepe's price recently broke out of a falling wedge pattern with a notable 29% move. However, the daily candle close did not confirm an uptrend, as the high was still lower than the previous day. Investors are closely watching today's daily candle; a close above $0.00001350 would confirm an uptrend.
Several leading indicators are currently bullish:
Relative Strength Index (RSI 14): At 61.14 and trending upwards, indicating increasing bullish momentum.
Chaikin Money Flow (CMF): Above zero at 0.12, showing rising buying pressure.
Moving Average Convergence Divergence (MACD): Crossed above the signal line on July 14, indicating the start of a bullish reversal.
Lagging indicators also support a bullish trend, with the 21-day, 50-day, and 200-day simple moving averages (SMA) positioned below the current price.
Price Predictions and Resistance Levels
Analysts suggest that PEPE could surge by another 41% to reach $0.00001730, with minor resistance around $0.000012 and $0.000013. Conversely, support levels are identified at $0.000010 and $0.0000078.
Reasons Behind the Price Spike
The spike in PEPE's price can be attributed to the news of the U.S. SEC’s preliminary approval of spot ETH ETFs. Pepe, a meme coin on the Ethereum blockchain, has historically reacted strongly to such news. For instance, the approval of spot Ethereum ETF 19-4b applications previously caused a 56% jump in Pepe’s price. With ETF trading set to begin on July 23, Pepe's upward momentum may continue.
Additionally, data from Coinalyze shows that the aggregated futures open interest (OI) for PEPE across exchanges surged by 31.47% in the last 24 hours, indicating peak interest among investors positioning themselves for further gains.
Conclusion
Pepe's price is showing strong bullish signals, driven by increased futures market activity and investor confidence. This surge in derivatives trading suggests a potential 41% price run, possibly leading to new all-time highs. As the market continues to react to the developments surrounding Ethereum ETFs, Pepe remains a coin to watch for potential significant gains.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“