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Pepe Coin ($PEPE), a popular Ethereum-based meme coin, continues its bullish rally amid positive sentiment on the broader market. Despite this momentum, $PEPE is showing signs of a potential short-term reversal, as the Relative Strength Index (RSI) suggested.
What RSI reveals
The Relative Strength Index is a momentum indicator often used to determine short-term reversal points at the end of each rally. It measures the degree of recent price changes to analyze whether a digital asset is overbought or oversold.
In the current $PEPE case, the meme coin has an RSI reading 87.7, indicating an overbought condition. Generally, an RSI reading of 70 or above indicates an overbought condition, while a reading of 30 or below shows an oversold condition.
An overbought situation usually indicates a potential price reversal. However, as other bullish trends indicate, the reversal may only last a short while for $PEPE. For instance, the 24-hour trading volume increased by 366.84% to $22.29 billion. This huge spike suggests rising activity, which could fuel more price rallies if sustained.
The recent momentum has pushed $PEPE to trade as the 15th-largest digital asset by market capitalization, valued at $8.8 billion. This value only comes slightly below SUI’s market cap of $9.3 billion. Meanwhile, $PEPE’s price has increased by 57.64% in the last 24 hours to $0.00002133.
$PEPE seeing increasing acceptance
In a recent development, Robinhood Crypto Europe launched live transfer options for $PEPE, expanding the meme coin’s functionality.
This feature lets European users withdraw and deposit $PEPE directly on Robinhood's crypto platform. A 1% deposit bonus is also available temporarily to encourage customers to participate in $PEPE transactions.
In another update, Chief Legal Officer Paul Grewal confirmed that $PEPE is set to go live on Coinbase. This announcement has helped reinforce investors' confidence in $PEPE and likely contributed to its latest rally.