Are PEPE Bulls Set to Further Extend Their Gains?
Release: 2024/09/28 02:14 Reading: 798
PEPE Soars to $0.00001051, Boosted by Arthur Hayes Endorsement
In the past 24 hours, PEPE has surged by 15.47%, reaching a high of $0.00001051. This bullish momentum follows the endorsement of Arthur Hayes, founder of BitMEX. Hayes recently disclosed the purchase of 24.39 billion PEPE tokens, worth $252,000.
Market Outlook Buoys PEPE's Gains
The crypto market has experienced a brief bullish turn, with a 1.65% increase in market capitalization. Amidst this positive sentiment, PEPE has capitalized on favorable market conditions, breaking through previous resistance levels.
Technical Analysis
PEPE opened trading at $0.000009121, eventually reaching an intraday high of $0.00001072. Daily trading volume has also spiked by over 41% to $1.29 billion.
The Relative Strength Index (RSI) currently stands at 86.61, indicating that PEPE has entered the overbought zone. However, the 9-day and 21-day moving averages (MA) remain below the current price, suggesting continued bullish momentum.
Future Predictions
Over the past month, PEPE has gained over 31.80%, with an additional 25.75% increase in the past seven days. If PEPE falls below $0.000009937, it may experience further declines to $0.000009303. Alternatively, if it surpasses the current resistance at $0.00001098, it could push towards a higher target.
Conclusion
PEPE's recent price surge, driven by Hayes's endorsement and favorable market conditions, indicates potential for further growth. Technical analysis suggests that the bullish trend remains intact, but cautious monitoring of the RSI is advised to prevent potential overbought conditions.
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