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Probably the most unexpected comeback in 2024 was PEPE's rise to the top, flipping numerous "serious" cryptocurrencies left and right. The most recent achievement of PEPE was flipping Polygon and gaining 18th place on the cryptocurrency market. However, it is unclear how the asset will move from here.
PEPE has accumulated a market cap of $7.02 billion and is just slightly breathing on the back of Polygon at $7.12 billion. The surge was followed by the 12.96% surge in the price of PEPE, resting at $0.00001676. MATIC has moved backward 0.69%, with its price at $0.7184.
PEPE has managed to show a very good upward trajectory by breaking many of the resistances it had faced. Currently, PEPE is trading at $0.00001698, showing strong bullish momentum. As seen from the chart below, the 50-day moving average, currently around $0.00000885, and the 100-day moving average near $0.00000765, are still far below the current price, indicating that the bullish momentum is still sustained. The Relative Strength Index stands at 78.76, showing that PEPE is very deep into overbought territory; however, big buying interest keeps pushing the price higher.
The question now is whether PEPE can maintain this current run and perhaps flip Polygon in market capitalization. Current high trading volumes are adding up to support of the bullish run, as well as to very positive market sentiment. Nevertheless, the RSI flashing overbought hints at some correction possibly coming in the short term. A quick watch of the key support levels for stability should be around $0.000015 and $0.000014.
The rise of PEPE has been very impressive, but it remains an extremely risky investment. Meme coins are extremely volatile, risky and often provide exposure that not many are willing to gain. At any given moment, the value of assets like PEPE can change rapidly without giving you a chance to cover your portfolio from losses.