The cryptocurrency market saw a brief bullish swing, with the market cap up 1.65%. After gaining 15.47%, PEPE opted to start an uptrend for the day, breaking past previous resistance levels.
The meme coin opened the day at $0.000009121 and managed to break the resistance to reach a high of $0.00001072. Moreover, the daily trading volume of the asset increased by more than 41% to reach $1.29 billion. At the time of writing, the asset was trading at $0.00001051, according to CoinMarketCap data.
Interestingly, Arthur Hayes, the founder of BitMEX, announced his newfound support for meme coins in the early hours of today. He mentioned three specific tokens: Iggy Azalea’s MOTHER, the cat-inspired MOG, and PEPE.
According to on-chain data, Hayes has deposited 1 million USDC to Binance in the last five hours and withdrawn 24.39 billion PEPE, worth $252,000, to his wallet for the first time.
Will PEPE be able to sustain at its current level? PEPE has shown significant price momentum over the past month, gaining over 31.80%. The uptrend has continued into the past seven days, with an increase of 25.75%. At the beginning of the week, the asset was trading at $0.000008321. In the following days, the token’s price fluctuated and climbed to a high of $0.000008743.
If the price of PEPE drops to $0.000009937, the price is likely to take a bearish trend and drop further to $0.000009303. On the other hand, if the token manages to rise and break the current level, the token may push towards the major resistance at $0.00001098.
The current price momentum of PEPE reveals that it has entered the overbought zone of the market, as indicated by the Relative Strength Index (RSI) which is at 86.61. Additionally, the daily time frame of the asset shows that the uptrend is ongoing, as the short-term 9-day moving average and the long-term 21-day moving average are below the current price.
