According to U.Today, PEPE, a cryptocurrency, made a surprising comeback in 2024, surpassing numerous well-established cryptocurrencies. PEPE's most recent achievement was surpassing Polygon and securing the 18th position in the cryptocurrency market. The future trajectory of the asset, however, remains uncertain.
PEPE has amassed a market cap of $7.02 billion, closely trailing Polygon, which stands at $7.12 billion. This rise was accompanied by a 12.96% surge in PEPE's price, which currently stands at $0.00001676. In contrast, MATIC, the token of Polygon, has seen a slight decrease of 0.69%, with its price at $0.7184.
PEPE has demonstrated a strong upward trend, breaking through many resistance levels. It is currently trading at $0.00001698, indicating strong bullish momentum. The 50-day moving average, currently around $0.00000885, and the 100-day moving average near $0.00000765, are significantly below the current price, suggesting that the bullish momentum is still ongoing. The Relative Strength Index (RSI) stands at 78.76, indicating that PEPE is deep into overbought territory. However, substantial buying interest continues to drive the price higher.
The question now is whether PEPE can maintain this momentum and potentially surpass Polygon in market capitalization. High trading volumes are contributing to the support of the bullish run, as well as to a very positive market sentiment. However, the overbought RSI suggests that a correction may be imminent in the short term. Key support levels for stability should be around $0.000015 and $0.000014.
Despite PEPE's impressive rise, it remains a highly risky investment. Meme coins are known for their extreme volatility and risk, often providing exposure that many are unwilling to take on. The value of assets like PEPE can fluctuate rapidly at any moment, potentially leading to significant losses without the opportunity for investors to protect their portfolios.