Pepe (PEPE), the popular memecoin, has reached a new all-time high of $0.00001096, marking a 22% gain in just 24 hours. This surge has propelled PEPE to the 27th position in global market capitalization, with an impressive trading volume of over $5 billion in derivatives.
The memecoin's success has also led to a significant increase in its yearly returns, hitting an astonishing 19,306.6%.
The PEPE token's trading volume on derivatives has experienced a remarkable 277.87% hike, outperforming leading meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) combined.
The Spot markets have also witnessed significant activity, with PEPE recording a trading volume of $2,842,205,639, surpassing even the trading volume of popular altcoin Solana (SOL) during the same period. This surge in trading volume suggests a strong demand for PEPE among investors, indicating its potential for continued growth.
PEPE About to Pull Another Huge Move?
The recent success of PEPE can be attributed to the overall interest in the crypto market, coupled with the remarkable performance of GameStop's shares on Wall Street.
The gaming giant's shares soared by 74.40% in just 24 hours, adding nearly $5 billion to meme coin holders' wealth.
This development has led many crypto traders to draw parallels between PEPE's current performance and the 2021 meme coin rally, which saw prominent meme currencies reach significant all-time highs.
Technical analysis indicates that PEPE has formed an inverse Head 'n' Shoulders pattern on its charts over the past three months.
Unlike the standard Head 'n' Shoulders pattern, which signals the end of a bullish trend, the inverse pattern predicts a change from bearish to bullish sentiment.
This pattern, combined with increased network activity and whale deposits into exchanges, suggests a positive outlook for PEPE's future.
One notable example is a 'smart money' address found by The Data Nerd, which has accumulated 475 billion PEPE coins, followed by a sale of 468 billion PEPE for $3.13 million, resulting in a profit increase of 2084 times.
Despite taking large profits, the smart money holds $77,831 worth of PEPE tokens, reflecting its confidence in PEPE's long-term prospects.
What’s Next For Pepe Price on Bearish?
After hitting a recent high of $0.0000116, Pepe's price has faced a wave of bearish pressure, leading to a sell-off.
Currently, the price sits around $0.000009065, showing a decline of over 4.84% in the last 24 hours.
Investors and traders are closely watching the price movements, particularly their interaction with key technical indicators like the Exponential Moving Average (EMA) and Relative Strength Index (RSI).
The immediate focus is on whether buyers can hold the price above the 20-day EMA, currently at $0.00001. A successful defence of this level could lead to a rebound towards the previously mentioned high of $0.0000116. This level of support represents a key battleground for the bears, as a breach above it could open the door to higher levels, targeting the overhead resistance zone between $0.000015 and $0.000017.
On the flip side, a failure to hold above the $0.00001-$0.000008 support zone could signal a bearish turnaround. Such an outcome would likely result in a downward correction towards the strong support level at $0.0000055.
The sharp decline in the RSI towards the midline suggests that the bears currently control the price direction.
Conclusion
As PEPE continues to break all-time highs, many are left thinking about what is next for the memecoin. Will it continue its upward trend, or will it experience a correction?
One thing is certain—PEPE has solidified its position as a force to be reckoned with in the crypto market, and traders and investors alike are closely watching its future growth prospects.
Pepe's new all-time high is an indication of the meme coin's growing recognition and the hype surrounding the crypto market.