thenewscrypto.com
- PEPE has factored in an additional price increase of 3.43% in the last 24 hours.
- The memecoin’s daily trading volume has shown a 6.68% as per CMC data.
In the last 24 hours, the overall crypto market has incurred a 3.80% increase in market cap. Amid the bullish markets, the sector has seen an increased influx of capital as depicted by the US spot BTC and ETH ETFs inflows. Meanwhile, several dormant whales have shown activity after multiple years of going inactive.
On the other hand, in the memecoin sector, intriguing price movements have drawn market attention towards them. The leading memecoins such as DOGE and Shiba Inu have rallied which has also been mirrored by the May-month meme star PEPE. The frog-themed memecoin has shown further price rally in the last 24 hours.
When inferring Pepe’s price chart daily price chart it shows an additional 3.43% price increase. In the Asian afternoon hours of November 7, the memecoin was trading at a low of $0.00001034. Following this, PEPE continued its previous day’s rally to inch closer to the $0.000011 level. At the time of writing, the cryptocurrency was trading at $0.00001071 as per CMC data.
Secondly, the frog-themed memecoin witnessed a sharp rise in volatility in the past day before steadying at current trading levels. Its RVI data from TradingView suggests that PEPE’s volatility rose above 50 before reaching its current level of 48.37.
Will PEPE Hit a New All-Time High?
On inferring PEPE’s price movements it shows a horizontal channel. The horizontal channel indicates that the cryptocurrency’s buying and selling points are in consolidation. PEPE’s technical indicators, on the other hand, indicate an incoming positive trend.
For instance, its bull power indicator’s value stands at 3.26 while its bear power indicator’s value is at 1.31. Additionally, the market sentiment also is on the neutral side suggesting investors’ positive sentiment towards the memecoin as highlighted by an RSI of 59.94. These signals highlight the window of opportunity that PEPE holds to continue its price breakout and stage a bullish comeback.
In case of a bull run, PEPE might inch closer or even surpass its current ATH at $0.00001718. Meanwhile, as aforementioned other memecoins including relatively new tokens such as Neiro Ethereum have also exhibited price rallies in the past few days.