Pepe (PEPE), an Ethereum-based memecoin, has surged more than 41% over the past week as the memecoin market recovers across the board.
PEPE is currently trading at $0.0000114, reaching its highest price since August 3, marking a 78.35% increase from its local low on September 6.
Trading activity has also increased along with PEPEâs price rally. PEPEâs spot trading volume surpassed $2.7 billion on September 28, up 22% in the past 24 hours and 616% in the past seven days.
Performance of the largest-cap memecoin | Source: CoinGecko
PEPEâs market capitalization has also returned to above $4 billion, cementing its position as the third largest memecoin in the world.
Notably, on September 27, PEPE was the most traded memecoin, surpassing Dogecoin (DOGE) with a volume of over $1.5 billion.
Finally, after weeks of sideways play, PEPE seems to be gaining some momentum.
Memecoin Price Increases Across the Board
PEPEâs rally on September 27 mirrors bullish moves across the entire memecoin sector. Most coins in the sector have posted double-digit gains over the past week. The leading memecoins, DOGE and Shiba Inu (SHIB), have gained 20.7% and 50%, respectively, over the past seven days.
Solana-based Dogwifhat (WIF) has posted a 31% weekly gain, while Baseâs Brett (BRETT) has gained 28% over the same period.
The rally has pushed the total memecoin market cap to $53.7 billion, up 34.5% over the past week, according to CoinMarketCap data.
Memecoin Market Capitalization and Volume | Source: CoinMarketCap
Additionally, over $8.5 billion in memecoin trading volume was recorded in the past 24 hours alone. This recovery is fueled by investors once again taking risks with assets like memecoin.
Data from Alternative, a platform that analyzes âemotions and sentimentâ around cryptocurrencies, revealed a shift in market sentiment as the crypto Fear and Greed Index entered the âgreedâ zone at 64, up from 29 a month ago when the market was engulfed in âfear.â
Cryptocurrency Fear and Greed Index | Source: Alternative.me
PEPE breaks out of the discount pattern
On September 20, PEPE price broke above a descending channel, sparking strong momentum that helped it surpass the 50-day, 100-day, and 200-day exponential moving averages (EMAs).
âPEPE price has broken out of the descending channel,â popular analyst Cryptojack stated in a post on X on September 27, adding, âI expect it to continue rising.â
In the short term, the bulls are likely to continue pushing the price towards the major resistance level at $0.00001260.
PEPE/USDT Daily Chart | Source: TradingView
The sharp rise in the relative strength index (RSI) and its position at 73 (in the overbought zone) reinforces the dominance of buyers in the market.
However, overbought conditions can lead to profit taking, causing the price to correct slightly before continuing its uptrend.
The most important support zone is located right above the upper boundary of the channel, where the main EMAs converge. Losing this support zone could trigger a bearish scenario, with possible downside targets between $0.00000668 and $0.00000596.
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