Will PEPE Hit New Highs by the End of July?
Release: 2024/07/16 14:50 Reading: 804
PEPE Surges 23% from Two-Month Low
Pepe (PEPE) has rallied 23% in the past 24 hours, reaching a 15-day high of $0.00001262. Trading volume has also surged by 110%.
The frog-themed cryptocurrency has been in a bearish trend since July's start, reaching a two-month low of $0.00000763. However, significant attention has been drawn to its recent recovery, which saw it rise from $0.000009399 to $0.00001251.
In addition to this price surge, Nascent and MakerDAO have deposited 3,566 MKR ($10.29M) on Binance. Nascent unloaded 1,216 MKR ($3.49M), resulting in an estimated $2.9M profit.
PEPE's rally aligns with the broader market's recovery from last week's lows. The Fear & Greed Index is now in the neutral zone. PEPE has emerged as the top performer among meme coins, with Dogwifhat and Floki also posting gains of 21% and 18%, respectively.
The Network Value to Transactions Ratio (NVT) indicates that PEPE is currently overvalued.
Future Outlook
Charting Pepe's recent price movements reveals a bullish trend, marked by breaking the resistance level of $0.00001134. The overall trajectory remains positive, with the potential to test the $0.00001349 level.
The Relative Strength Index (RSI) supports this bullish sentiment, suggesting strong momentum without entering overbought territory.
However, if bears regain dominance, PEPE may potentially revisit its two-month low of $0.00000762 or decline further to $0.00000707.
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