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Frog-themed meme coin Pepe (PEPE) has rallied to a new all-time high as interest in meme assets surges following the spike in the value of GameStop stock.
In the past 24 hours, PEPE’s price has risen by 21% and rallied past its resistance level at $0.0000091.
Pepe’s Trading Activity Skyrockets
PEPE trades at $0.00001071 at the time of writing and is the leading asset with the most growth in the past 24 hours.
Due to the surge in activity around the meme coin during that period, its trading volume has climbed to a two-month high of $2.5 billion. In the last 24 hours, PEPE’s trading volume has risen by 300%.
When an asset’s trading volume rises alongside its price, it signals a high buying momentum. It suggests that the price movement is not just a small fluctuation but reflects a larger trend in the market.
The recent surge in PEPE’s trading volume over the past 24 hours reflects the ongoing high demand for the meme coin observed in the last week.
In the past seven days, the daily count of addresses that have completed transactions involving PEPE has risen by 78%, Likewise, new demand for the meme coin has grown by 41% during the same period.
Read More: How To Buy Pepe (PEPE) and Everything You Need To Know
PEPE Price Prediction: No Cause For Alarm
PEPE’s double-digit rally in the past 24 hours has pushed its price above the resistance level of $0.0000091. Trading at $0.00001075 as of this writing, the meme coin currently sits 15% above its resistance level.
Confirming the current bullish trend, the dots that make up PEPE’s Parabolic SAR indicator rested under its price.
This indicator is used to identify potential trend direction and reversals. When its dots rest under an asset’s price, the market is said to be in an uptrend. It signals to market participants that the asset’s price is rising and may continue to do so.
Further, the coin’s Elder-Ray Index currently returns positive values. The indicator measures the relationship between the strength of PEPE’s buyers and its sellers in the market. When its value is positive, it means that bull power dominates the market.
If the bulls continue to dominate the market, PEPE’s price may breach $0.00001 and head towards $0.000011.
Read More: Pepe (PEPE) Price Prediction 2024/2025/2030
However, if sell-offs begin to gain momentum, the meme coin might experience a slight retracement back to retracement and may even fall below it to trade at $0.000007.