According to Cointelegraph, Pepe (PEPE), an Ethereum-based memecoin, has experienced a significant rally, increasing by over 31% in the past week as the memecoin market shows signs of recovery. Currently trading at $0.00001076, PEPE has reached its highest value since August 3, marking a 68% rise from its local low on September 6.
Trading activity has surged alongside PEPE's price increase, with spot trading volumes reaching $1.3 billion on September 27, a 35% rise over the last 24 hours and a 316% increase over the past week. PEPE's market capitalization has reclaimed the $4 million mark, solidifying its position as the third-largest memecoin globally. On September 27, PEPE was the most traded memecoin, surpassing Dogecoin (DOGE) by over $700 million in volume.
The rally in PEPE mirrors bullish movements across the memecoin sector, with most cryptocurrencies in this category posting double-digit gains over the past week. Leading memecoins DOGE and Shiba Inu (SHIB) have jumped 20.7% and 50%, respectively. Solana-based Dogwifhat (WIF) recorded 31% weekly gains, while Base’s Brett (BRETT) rallied 28% over the same period. This widespread rally has pushed the total memecoin market value to $53.7 billion, a 34.5% increase in the past week, according to CoinMarketCap data. Over $8.5 billion in memecoin trading volume was recorded in the past 24 hours alone, driven by investors embracing risk-on assets like memecoins.
Data from Alternative, a platform analyzing emotions and sentiments around cryptocurrencies, reveals a shift in market sentiment. The Crypto Fear & Greed Index has entered the “greed” zone at 61, up from 30 a month ago when the market was gripped with “fear.”
On September 20, PEPE's price broke out of a descending parallel channel, gaining strength and flipping the 50-day, 100-day, and 200-day exponential moving averages (EMAs) to support. Popular analyst Cryptojack noted in a September 27 post that he expects PEPE to continue its upward trend. In the short term, bulls are likely to push the price toward the major resistance level at $0.00001260. However, overbought conditions could lead to profit-taking and a slight correction before PEPE continues its uptrend. The most important support zone is just above the channel’s upper boundary trendline, where all major EMAs currently sit. Losing this support could trigger a bearish scenario, with possible downside targets ranging between $0.00000668 and $0.00000596.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
