PEPE Bounces Back with Impressive 23% Surge after Two-Month Low
Trading volume for Pepe (PEPE) has soared by 110% in the last 24 hours, as the frog-themed coin reached a 15-day high of $0.00001262, experiencing a remarkable 23% surge. This surge comes after a bearish period, with PEPE hitting a two-month low of $0.00000763 in the first week of July. However, in the past 24 hours, it has made a significant recovery, jumping from $0.000009399 to $0.00001251, capturing the attention of many traders.
Additionally, two institutions, Nascent and MakerDAO, have deposited 3,566 MKR ($10.29M) into Binance. Notably, Nascent has sold 1,216 MKR ($3.49M), potentially earning a profit of $2.9M. The venture capital firm has also withdrawn 141 billion PEPE ($1.6M), 281,000 LDO, and 3.41 million USDT from Binance.
Furthermore, this surge aligns with the current relief rally in the market, following last week’s significant downturn. After two weeks, the Fear & Greed Index has now entered the neutral zone. Among meme coins, PEPE has emerged as the top gainer, with dogwifhat and Floki also experiencing increases of 21% and 18% respectively.
Moreover, PEPE’s Network Value to Transactions Ratio (NVT) has spiked, suggesting that it may be relatively overvalued.
What Lies Ahead for the Leading Memecoin?
Analyzing its recent price movements, Pepe has shown a bullish trend, reaching recent highs and surpassing the resistance level at $0.00001134. Despite some volatility in the past week, the overall trajectory remains positive, with the potential to test the $0.00001349 level in the near future.
To support this optimistic sentiment, the Relative Strength Index (RSI) indicates that momentum remains strong without entering the overbought territory just yet.
However, if bears regain control, there is a possibility that PEPE may decline to $0.00000762. In a more extreme scenario, it could drop to $0.00000707.
Highlighted News of the Day
Spot Ethereum ETFs Set to Launch Next Tuesday, Ending Long Waits
